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“Fragmented conditions in the rental market remain evident in the September quarter, with weaker unit rents compared to houses,” said Domain senior research analyst Dr Nicola Powell. “This is particularly so in inner-city areas, which are more susceptible to changes in overseas migration and international students, tourism and job losses associated with COVID-19. Sydney Domain’s research found that unit asking rents dropped further over the September quarter, representing a 4.8 per cent decline since March, or $25 taken from the median weekly asking rent. “Since March, house and unit asking rents in the city and east region have had the largest decline in Sydney – by $125 and $80 a week, respectively. This is followed by a $70 a week reduction to unit asking rents in the lower north shore. These are the only areas in Sydney to record double-digit percentage falls over this six-month period. Tenants are now paying the same price they were in 2013.” Melbourne The Victorian capital has seen the greatest decline in unit rents of all the capital cities – no doubt a result of the stage 4 lockdown. According to the research, unit asking rents dropped another $15 a week over the September quarter. Adelaide’s The city of churches also saw a new record over the September quarter, with Domain noting Adelaide asking rents reached $405 a week for houses and $340 for units. “Unit rents posted the strongest quarterly gain out of all capital cities, along with Perth. Affordability is becoming stretched – rental prices have recorded the highest annual growth since 2007 for units and 2010 for houses,” Dr Powell said. “Adelaide’s vacancy rate is once again on par with pre-pandemic March, as the estimated number of vacant rentals declines following a strong April bounce. The reduction in empty properties aligns to the easing of COVID-19 restrictions, perhaps reflecting the conversion of rentals back to holiday lets as short-term demand increases.” Continue reading at: x Units take price hit as rental value decreases New research by Domain has found that unit asking rents have seen the steepest annual fall nationally since 2004.
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Adelaide is renowned for its steady rental market but the scales are tipping when it comes to prices, with some suburbs seeing rents jump as high as others have seen them plunge in the past year. New data from reveals the suburbs with the largest increases and decreases in rent for houses over the past 12 months. Tusmore in the city’s east recorded the highest increase with its median weekly rent climbing 28.3 per cent to $590, which was based on 10 houses listed for rent in the period. Its neighbour Hazelwood Park came in close second with a 26 per cent increase to a median of $630 each week, followed by Marryatville with 23.2 per cent growth to $468 per week. At the other end of the scale, Unley Park experienced the largest decline at 20.1 per cent to a median weekly rent of $563, based on 12 houses listed for rent throughout the year. Hyde Park (18.8 per cent to a median of $483 a week) and College Park (18.4 per cent to a median of $518 a week) rounded out the top three. TOP 10 SUBURBS WITH LARGEST INCREASES (Suburb, median weekly rent (12 months), no. of rental listing (12 months), year-on-year weekly rent change) Tusmore – $590, 10, 28.3 per cent Hazelwood Park – $630, 14, 26 per cent Marryatville – $468, 10, 23.2 per cent Maylands – $540, 18, 20 per cent Royston Park – $540, 13, 20 per cent Myrtle Bank – $595, 29, 17.1 per cent Coromandel Valley -$473, 30, 16.8 per cent Tennyson – $650, 17, 16.5 per cent Malvern – $650, 35, 16.1 per cent Bellevue Heights – $480, 34, 15.7 per cent TOP 10 SUBURBS WITH LARGEST DECREASES (Suburb, median weekly rent (12 months), no. of rental listing (12 months), year-on-year weekly rent change) Unley Park – $563, 12, down 20.1 per cent Hyde Park – $483, 41, down 18.8 per cent College Park – $518, 10, down 18.4 per cent Medindie – $660, 17, down 17.5 per cent Wayville – $468, 20, down 14.1 per cent Aldgate – $500, 29, down 13.0 per cent Cheltenham – $350, 19, down 7.9 per cent Park Holme – $400, 59, down 7.0 per cent Netherby – $610, 22, down 6.9 per cent Walkerville – $590, 27, down 6.8 per cent Read more:x The top 10 South Australian suburbs where rents ar... Are you a renter or an investor? New data has revealed the suburbs where prices have jumped or fallen across Adelaide. Will you be jumping for joy or tightening your purse strings? See the full list h...
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