Tuesday, July 16, 2024
Home Investment NewsReal Estate Investing The latest data shows rental prices are falling or stagnating across major capital cities.

The latest data shows rental prices are falling or stagnating across major capital cities.

by xyonent
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Tenants.jpg

Key Takeaways

Renters may finally be feeling some relief, with rent prices falling, slowing to rise or halting growth altogether in most major cities, according to Domain’s June quarter rent report.

In terms of rent, the June quarter was the lowest since 2021 in Sydney and Melbourne, and since 2020 in Brisbane, Adelaide and Perth.

In terms of unit rents, Sydney, Melbourne and Brisbane recorded their lowest June quarter since 2021, Canberra since 2020 and Perth since 2018.

Vacancy rates have been rising year on year in most capital cities, suggesting that changing rental conditions are easing rental pressures and slowing rental price growth.

Domain’s latest rent report for the June 2024 quarter reveals positive news for occupiers, with several market indicators shifting in their favour.

The report also predicts that this trend will continue into next year, providing further relief to tenants.

Biggest trends In most major cities, rent prices are falling, rising at a slower rate or have stopped increasing altogether.

for rentQuarterly rent increases fell 1.5 times quarter-on-quarter across all major cities, halved in Melbourne and Brisbane and fell seven times in Adelaide, while increases stagnated in Sydney and Perth and fell in Hobart.

Rent for June 2024

for Unit Rent Quarterly growth halved across state capitals, fell by a third in Brisbane, stagnated in Melbourne, Perth and Hobart, and declined in Canberra and Darwin.

it was The June quarter was the weakest ever. Unit Rent The event will take place in Sydney, Melbourne and Brisbane from 2021, Canberra from 2020 and Perth from 2018.

Unit Rent

Furthermore, the slowdown in rent price increases is being supported by Improvement in vacancy rates (Table 3)Sydney, Melbourne, Brisbane and Canberra are at their highest levels in six months, Perth’s highest June level in two years, Adelaide’s highest level in two years and eight months and Hobart’s highest level in nine months.

House and room rent

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