Rents up $2600 a year in some cities, down almost $10,000 in others
PropTrack’s latest quarterly rental report has been released – and it’s either good news or bad news depending on where in the country you live.
While some capitals continue to face hardship due to stock shortages, in other cities it’s a different story, with renters in one city standing to save up to $10,000 a year.
Here’s what happened in our major cities:
ADELAIDE
New data from PropTrack’s latest quarterly rent report show there are 11 suburbs and towns in South Australia where weekly rents have dropped over the past 12 months.
While that might be true on paper, real estate experts say it doesn’t mean tenants are seeing rental relief, and that some market insight is needed to provide context to any data reporting median rent declines, particularly in metropolitan markets.
Rents have dropped in 11 SA markets over the past year, a new report shows. Picture: Ben Clark
According to the data, Findon units have seen the greatest decline in median weekly rents over the past 12 months, down 8.5 per cent from $470 last February, to $430 last month.
Hectorville unit median weekly rents are also down 5.3 per cent from $520 to $493, and the median weekly rent has also dropped for Semaphore houses, Semaphore Park units and Sellicks Beach houses.
Turner Real Estate chief executive officer Emma Slape said the data should not immediately be interpreted as tenants receiving rental reductions.
MELBOURNE
Victorian tenants in more than 150 suburbs are facing a $2600 annual increase in their rent compared to a year ago.
New research from PropTrack revealed renters in 154 areas will be forking out $50-$200 more a week in February 2025 compared to 12 months prior if they were leasing a house.
While it’s a further blow for long-suffering tenants, the increases will be good news for landlords still grappling with interest rate repayments that remain at their second highest levels since June, 2023, as well as land taxes increased by the state government last year.
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Many renters in SA are facing significant rent hikes. Pic: Tennis Australia/ NICK LA GALLE
Spotswood renters were the worst off, with the cost of a typical house in the suburb skyrocketing 31.7 per cent in just a year.
Those renting units won’t be much better off, with tenants in 85 Victorian suburbs set to pay $50-$115 more on their lease commitments compared to February 2024.
SYDNEY
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.
Sydney tenants have reason for hope as rents flatten or fall across most of the city. Pic: Getty Images
Concord West, Sylvania Waters, Chipping Norton, Greystanes and Camperdown had some of the biggest rent falls in Sydney.
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.
BRISBANE
Rent prices have dipped in more than 300 Queensland markets since the end of last year in a first sign of an easing of conditions across the state’s excruciatingly tight housing market.
Latest PropTrack data shows tenants in Brisbane and the regions were granted some relief, with weekly rent down by up to $100 in some suburbs.
Rents fell by more than 10 per cent in the last three months in 14 house or unit markets, with tenants in Bowen in North Queensland, and Runaway Bay and Hollywell on the Gold Coast recording the biggest drops.
Rent prices have dipped in more than 300 Queensland markets since the end of last year. Picture: Supplied
Houses in Bowen were renting at $450, down 19.6 per cent or $110 between November 2024 and February.
Rent was down 10 per cent, or $100 a week, in Runaway Bay and Hollywell.
Across Greater Brisbane, Macleay Island, Bongaree and Wilston recorded the biggest reductions for houses, with rent down between $60 and $80 for new tenants.
For units, renters in Hillcrest would save $63 a week compared to in November, and $60 in Windsor.
HOBART
For house renters, finding a home that’s more affordable today than last year will be a challenge.
PropTrack’s new quarterly report shows a substantial shift in the market. Where last year there were more suburbs with shrinking rents than growing rents, now those cheaper suburbs are vastly outnumbered.
Just six suburbs recorded a pricing dip, ranging from 0.8 per cent to 3.8 per cent. Six suburbs experienced no annual growth or declines, while 22 areas posted increases of between 0.4 and 12 per cent.
Just six suburbs recorded a pricing dip across Tasmania, ranging from 0.8 per cent to 3.8 per cent. Picture: Supplied
The largest annual growth was in prestigious Battery Point, which now has a median rent of $700 per week.
The largest quarterly growth was in Eastern Shore suburb Clarendon Vale, where the average house now costs $480 per week. That’s up by about $30 compared to November figures and up $40 compared to the same time last year.
Seven of the 22 unit suburbs analysed in the report showed declining rental asks. The largest change in units was in North Hobart, where the median dipped from $583 per week last year to $493 today.
