Sydney units recorded the steepest annual fall since Domain records began in 2004, with a 9.6 per cent drop, or $50 a week reduction, compared to the same period last year.
“Sydney’s rental market remains varied depending upon property type and location. House rental conditions are tighter compared to units and prices have become more competitive in the outer suburbs,” Powell said.
Following three strong consecutive quarters of rent gains, Brisbane rents are at record highs, showing the steepest annual increase in house rents since 2008.
Annually, the biggest jump in asking rent was recorded for houses in Brisbane’s north and Moreton Bay North, up 6.8 per cent and 6.7 per cent annually respectively.
“Queensland has always been a preferred destination for those moving interstate. However, the pandemic has made remote working a possibility and may have fast-tracked the decisions,” Powell said.
Powell said Gold Coast and Sunshine Coast rental markets continued to outperform Brisbane with rents rising at a faster pace.
“Sunshine Coast house rents have surged $80 above last year and $50 higher on the Gold Coast, to $580 and $560 respectively,” Powell said.
“Unit asking rents on the Gold Coast have risen $25 during the year to $465 a week. On the Sunshine Coast they are $40 higher at $460.”