New figures highlight the capital city suburbs that have experienced the biggest losses in weekly rents over the past 12 months.
A report from CoreLogic RP Data has unveiled the country’s poorest rental performers, with an elite, beach-side Sydney suburb recording the biggest drop in rental rates.
In New South Wales, Tamarama’s houses decreased by 40.0 per cent to $1,800 per week, while Point Piper’s units fell 13.2 per cent to $950.
In Victoria, houses in Parkville dropped 21.0 per cent and Campbellfield’s units decreased by 23.3 per cent to $230.
In Queensland, Pinkenba’s houses were the biggest loser, dropping 36.7 per cent to $285, while units in Mount Ommaney fell 13.5 per cent to $545.
In South Australia, Gilberton’s houses fell 30.1 per cent to $475 and Hackney’s units dropped 16.3 per cent to $335.
In Western Australia, Peppermint Grove’s houses decreased by 33.3 per cent to $1,250, while Sorrento’s units fell 35.4 per cent to $365.
In Tasmania, Sandford’s houses were the biggest loser, dipping 17.8 per cent to $370, while Rokeby’s units decreased by 26.9 per cent to $190.
In the Northern Territory, Millner’s houses fell 23.1 per cent to $500 and Tiwi’s units dropped 24.0 per cent to $380.
In the ACT, Forrest’s houses fell 13.8 per cent to $970, while Yarralumla’s units decreased by 13.3 per cent to $455.
Across the capital cities, houses fell 0.5 per cent, while units decreased by a record-low 1.2 per cent.
According to CoreLogic research analyst Cameron Kusher, substantial new housing supply, slowing population growth, weak wages growth and the recently heightened level of purchasing by investors are all contributing to falls in rents.
“While the suburbs listed are often not the most significantly supplied rental markets, there are signs of weakening growth in many inner-city unit markets. With more rental supply set to enter the market over the coming years, we expect that in order to keep tenants, landlords may have to reduce their rents.”