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 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 Western Australia, Peppermint Grove’s houses decreased by 33.3 per cent to $1,250, while ’s units fell 35.4 per cent to $365.
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.”