Domain: Sydney, Melbourne rents plummet

Domain has released its December quarter rental report, which reported falling house rents in 2019, driven by large declines across Sydney and Melbourne:

As shown above, house rents across the combined capital cities fell be 0.7% in 2019, driven by falls of 2.8% and 2.3% respectively across Sydney and Melbourne. House rents in Darwin (-1.0%) also fell, whereas solid rises were recorded elsewhere with the exception of Brisbane (flat).

Combined capital city rental growth was weaker at 0.9% in 2019, driven by heavy falls across Sydney (-3.8%) and Darwin (-2.5%). However, unit rental growth was positive everywhere else:

We expect the rental market to tighten in 2020 given the sharp fall in dwelling construction at the same time as the population continues to grow strongly:

 

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