Business
Steepest fall: Aussie rent prices tumble to 7-year low – Yahoo Finance Australia
A lack of migration due to the pandemic has significantly reduced rental demand – and price.
Steepest fall: Aussie rent prices tumble to 7-year low. Source: Getty
Unit rents across Australia have recorded the steepest annual fall on record, reaching the lowest price since early 2014, Domains December 2020 Rental Report has revealed.
Prices dropped the most in Sydney, with unit rents falling 5.1 per cent in the December quarter, and nearly 8 per cent across 2020. Now, a unit costs around $470 per week to rent in Sydney – just $70 more than Brisbane.
The divergence of house and unit rents…
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