Suburbs where rents have had the biggest drops
There is hope for Sydney’s renters as suburbs around the city have begun to drop in value. See the suburbs where prices are now up to $200 per week cheaper.
Sydney tenants have “reason for hope” as rents flatten or fall across most of the city.
Rental price tracking by research group PropTrack showed advertised rents in almost three quarters of NSW suburbs stagnated or dropped over the last three months.
This was a break from the rampant rises in rents recorded over recent years and came despite the early months of the year traditionally being the busiest time of year for tenant movement.
Concord West, Sylvania Waters, Chipping Norton, Greystanes and Camperdown had some of the biggest rent falls in Sydney.
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Unit or house prices in these suburbs dropped between $100-$200 a week over the three months, meaning new tenants could would save up to $10,000 a year.
PropTrack economist Anne Flaherty said the easing conditions were the result of more property purchases by investors, which expanded the rental pool.
Tenants were also finding ways to decrease their rental burden, such as moving into share houses or back in with parents, which helped soften tenant demand, Ms Flaherty said.
She added that falling prices would give tenants “reason for hope”.
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“That's a real change of scene compared to what we were seeing a year ago when they were rising incredibly rapidly,” she said.
“Where (rent is) over $850 per week we have seen a notable slow down in the speed at which they’re being rented out.
“Some of the sharper drops are areas that have seen more development or areas that have seen more investor activity … last year we did see a notable rise in property investors in greater Sydney, in areas we see more investor activity they hit the market as vacant rentals.”
Ms Flaherty noted that sharp price rises over the last two years still meant it was incredibly unaffordable for many renters, despite the recent easing in conditions.
Rental advocate Sarah Elkordi of The Rent Fairy, said this year’s peak rental period at the start of the year was “quieter” than previous years.
“It really depends where you’re looking,” she said, adding that the most competitive areas were suburbs in the east and inner west. Renters in these areas often felt compelled to offer more than advertised prices, Ms Elkordi said.
Growth in the share house market and migration out of Sydney were making an impact, she said. “I’m still finding the pattern of a lot of people coming together into share house that had been living alone,” Ms Elkordi said.
“(Families) are now moving from NSW to Queensland … (they’re) done with Sydney its too expensive so they’re moving to Brisbane where its much cheaper than what you can get here.”
Taylor Van Veen had been renting in Maroubra with her partner Matt before the couple got evicted on no-grounds in late 2023. Shortly after, they saw the property listed on Airbnb.
“That was a shock to the system because it was the first time I had to go to inspections since 2021 … at that time everyone was moving out of Sydney because of Covid and prices were a lot lower,” she said.
The couple went to over 30 inspections and placed eight applications before securing their current rental in Lane Cove.
“In November last year (our landlord) sent us an email saying I’m really sorry it’s (the rent) is going up by $25 … I kept hearing stories of people’s rent going up $200-$300 so we were quite happy for a $25 increase,” she said.
“We are fortunate to have a really good landlord but the initial process of finding a place was difficult.”
Ms Flaherty expected rents wouldn’t decrease too dramatically. “They probably will rise again, but the increases we saw two years ago aren’t going to happen,” she said. “It’s really going to boil down to what happens with housing supply and population growth.”
With prices calming down, Ms Elkordi suggested tenants compare their rents with similar homes to ensure they don’t pay above market value.
“If you can see what's recently listed as deposit taken, you can have the conversation and ask why a property is advertised for more.”
BIGGEST RENT FALLS IN SYDNEY (UNITS)
| Suburb | Change ($) | Rent Feb 2025 | Rent Nov 2024 | Quarterly change |
| Chipping Norton | $95 | $570 | $665 | -14.3% |
| Beverly Hills | $80 | $600 | $680 | -11.8% |
| Tamarama | $70 | $1,325 | $1,395 | -5.0% |
| Cremorne Point | $65 | $800 | $865 | -7.5% |
| Bondi Beach | $50 | $900 | $950 | -5.3% |
| Bronte | $50 | $900 | $950 | -5.3% |
| Condell Park | $50 | $700 | $750 | -6.7% |
| Rockdale | $50 | $650 | $700 | -7.1% |
| Darlington | $50 | $650 | $700 | -7.1% |
| Granville | $50 | $550 | $600 | -8.3% |
BIGGEST RENT FALLS IN SYDNEY
| Suburb | Change ($) | Rent Feb 2025 | Rent Nov 2024 | Quarterly change |
| Concord West | $205 | $970 | $1,175 | -17.4% |
| Sylvania Waters | $200 | $1,300 | $1,500 | -13.3% |
| Cremorne | $150 | $1,350 | $1,500 | -10.0% |
| Beecroft | $110 | $990 | $1,100 | -10.0% |
| Hunters Hill | $100 | $1,300 | $1,400 | -7.1% |
| Marsfield | $100 | $1,000 | $1,100 | -9.1% |
| Camperdown | $100 | $900 | $1,000 | -10.0% |
| Greystanes | $100 | $700 | $800 | -12.5% |
| Summer Hill | $95 | $1,000 | $1,095 | -8.7% |
| Forresters Beach | $88 | $693 | $780 | -11.2% |
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Originally published as Suburbs where rents have had the biggest drops