Sydney rents fall as rental growth hits two-year low
Sydney rents fell 0.4 per cent as national rental growth hit a two-year low of 0.5 per cent.
Australia's rental market is finally softening after years of rapid price rises that squeezed household budgets. Sydney led the slowdown, with rents dropping 0.4 per cent in the September quarter.
Across the country, rents grew just 0.5 per cent, down from 1.6 per cent three months earlier. The national median rent hit a record $713 per week, but growth is easing as renters reach affordability limits and adjust household sizes.
Vacancy rates have also climbed to 2.1 per cent nationally and 2.5 per cent in Sydney, up from record lows. Experts say demand is weakening as families shift into share housing or move further out to find cheaper options.
The slowdown defies predictions that recent Budget changes to investor tax breaks would spike rents significantly.
- fell 0.4 per cent
- Sydney rent change
- $713 per week
- National median rent
- 2.1 per cent
- National vacancy rate
- 1.4 per cent
- Annual population growth
Why it mattersRental growth has finally hit a ceiling after six years of price increases as renters reach affordability limits and adjust household sizes.
AustraliaMillions of renting Australians are getting relief from relentless price rises that were forcing them to move or restructure their households.
✓ Claims checked against the source and corrected before publish. checked 2 h ago
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