Sydney rents grew at their slowest pace in nine years during the first quarter of 2018, though they remain the highest in the country.
- Image Alex Proimos via Wikimedia Commons.
Sydney has Australia’s highest rents, at $582 per week, up 0.5 per cent for the March quarter, and 1.7 per cent for the year.
Hobart’s rental growth outperformed all other capital cities by a long way, with rents up 5.0 per cent for the quarter to $410 per week, and up a hefty 11.7 per cent for the year.
National weekly rents rose 0.3 per cent in March, to be 1.1 per cent higher for the quarter, and 2.2 per cent higher for the year to March 2018.
Australia’s median weekly rent was $426 for houses and $430 for units as of the end of March.
Rental growth in regional areas outperformed growth in the nation’s capital cities. Capital city rents were 1.0 per cent higher over the quarter, and 1.9 per cent higher year-on-year, while weekly rents in regional markets rose 1.2 per cent over the quarter to be 3.1 per cent higher for the year.
The first quarter of the year is typically a stronger period for rental growth as the new year presents an opportunity for renegotiating rents.
Darwin was the only capital city to record a decline in weekly rent over the March quarter, with rents slipping 0.3 per cent.
Sydney dwellers pay the highest rents of all the capital cities at $582 a week. Sydney rents rose 0.5 per cent during the March quarter – the weakest first quarter of rental growth in Sydney since 2009. Sydney’s Northern Beaches is the most expensive region to rent in New South Wales, with a median rent of $877 per week, followed by the Eastern Suburbs at $848 per week.