Aussie suburbs where rents are falling

Despite the cost of living crisis, there are sought-after suburbs across Australia where rental costs are falling due to several factors. Here’s where.

Despite the soaring cost of rents in many parts of Australia, there are some sought-after areas where prices have plateaued for even fallen. Find out where below and search using our interactive.

SYDNEY, NSW RENTAL PRICES

Rents in some Sydney suburbs have been dropping despite skyrocketing prices in the rest of the market and a crippling rental shortage that has hit “crisis” levels.

The unexpected rental decreases occurred in 35 suburbs and the average fall was about one per cent to five per cent, according to analysis of PropTrack figures.

Rents also fell in more than 80 suburbs spread across regional NSW, including in satellite areas of Sydney such as Wollongong and the Southern Highlands.

Some Sydney suburbs are experiencing surprise rent price falls. Picture: NCA NewsWire / Jeremy Piper

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MELBOURNE, VICTORIA RENTAL PRICES

Tenants are fleeing Victoria after rents in dozens of Melbourne suburbs jumped more than $100 a week in the past year amid a deepening rental crisis.

Families chasing an affordable house are being squished into fewer and fewer suburbs along the outskirts where rents fall below $400 a week, and it’s pushing lower income tenants into regional Victoria and even out of the state.

New research from PropTrack revealed rents had surged by more than $100 a week for units in nine suburbs, and for houses in 28 suburbs compared to this time last year.

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BRISBANE, QUEENSLAND RENTAL PRICES

Renting has become cheaper in more than 120 suburbs across the state in the past three months, finally providing some relief for struggling tenants as experts declare the worst may be over.

Exclusive data from PropTrack reveals median weekly rents dropped by up to 9 per cent in 124 suburbs during the September quarter, led by regional locations outside of Greater Brisbane.

The median weekly unit rent in Kawana on the Sunshine Coast is now 9.1 per cent cheaper at $300, followed by Mundingburra in Townsville — down 8.3 per cent to $330, and Centenary Heights in Toowoomba, where unit tenants are now 7.9 per cent better off at $350.

The biggest decline in house rents for the quarter was recorded in Hollywell on the Gold Coast, where the median weekly rent is 8.6 per cent cheaper at $850, followed by Mooloolaba, where the median house rent has dropped 7.7 per cent to $750 a week.

Renting has become cheaper in more than 120 suburbs across the state in the past three months.

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ADELAIDE, SOUTH AUSTRALIA RENTAL PRICES

Rental prices have dropped across more than 20 SA suburbs and towns over the past three months, saving some prospective tenants up to $45 per week.

Latest PropTrack data reveals 26 areas recorded slight decreases in their median rent for houses over the September quarter.

Flinders Park in Adelaide’s west had the biggest decline, with its median weekly rent falling 7.56 per cent – or $45 per week – to $550 in the three months to September.

Fulham followed, dropping 6.67 per cent to a median of $560 per week, then Kidman Park (6.38 per cent to $550), Encounter Bay (6.25 per cent to $450) and Loxton (5.71 per cent to $330).

Turner Real Estate chief executive Emma Slape said some properties that had been listed for rent for a while were having their prices reduced to a point the market thought was fair, which could explain the declines in many areas.

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Originally published as Aussie suburbs where rents are falling