Sydney rents now 40% pricier than Melbourne, properties lease in minutes
Sydney rents jumped 40% above Melbourne levels; vacancy rates hit 1.2%, the highest since 2021, yet properties vanish within minutes of listing.
An architect relocating from Melbourne expected Sydney rents to cost 25 to 30 per cent more. Ferreyra found rents were about 40 per cent higher when comparing similar one-bedroom apartments.
Properties disappear so fast she scheduled an inspection for the next day, then got a call the next morning that it had already been leased. Domain's September report shows vacancy rates eased slightly to 1.2 per cent, the highest level since September 2021, but rental conditions remain tight.
Rents are at record highs across 441 Sydney suburbs, though 29 suburbs recorded price falls and 20 units saw no change. Abbotsford house rents jumped 47.2 per cent to $1,325 per week in a year.
Domain's chief economist said tenants are in survival mode, and mum-and-dad landlords face mounting pressure from interest rate hikes.
- 40 percent
- Rent gap Sydney vs Melbourne
- 1.2 percent
- Vacancy rate
- 441
- Suburbs at record rents
- $1,325
- Abbotsford weekly rent
Why it mattersMost Sydney renters face record costs and intense competition for limited stock, while affordability keeps worsening despite small relief in availability.
AustraliaSydney renters are bearing the worst of Australia's rental crisis, with prices well above other capitals and inventory so scarce that inspections can lease a property away before a second viewing.
✓ Claims checked against the source and corrected before publish. checked 1 h ago
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