Melbourne unit rents

Melbourne unit rents fall to three-year low as house rents get more expensive: Domain Rent Report

PHOTO: Nicolas Gorrono at home in his new Brunswick West home. Photo: Joe Armao

Apartment rents across Melbourne have fallen dramatically for the second time in six months, suffering the steepest falls of any capital city, new data shows.

The Domain Rent Report, released on Thursday, revealed apartment rents across the city are at their lowest median asking price in three years having slipped by a further $15 a week to a median of $400.

It now costs the same amount to rent a unit in Melbourne as it does in Hobart.

It’s a change that has happened swiftly and dramatically across the city in 2020, Domain senior research analyst Nicola Powell says.

“The pandemic has had a once-in-a-lifetime impact on the rental market, reducing demand at a time supply has bounced,” she said.

“In a matter of months Melbourne has become a tenants’ market, with the number of vacant rental properties more than doubling since March.

Unit rents, September quarter 2020 – capital cities

City Median weekly rent QoQ YoY
 Sydney $495  -1.%  -4.8%
 Melbourne $400  -3.6%  -4.8%
 Brisbane $395  3.9%  3.9%
 Adelaide $340  6.3%  9.7%
 Perth $340  6.3%  9.7%
 Canberra $480  1.1%  3.2%
 Darwin $390  2.6%  2.6%
 Hobart $400  5.3%  1.3%
 National $447  -0.8%  -2.9%
Source: Domain Rent Report, September quarter 2020

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