Some lucky Australians have been enjoying the recent property downturn – and we’ll bet they hail from these suburbs.
According to data from realestate.com.au provided to Yahoo Finance, the price of rent in seven NSW suburbs fell by 15 per cent to as much as 41 per cent, while two suburbs from Queensland and a suburb from Victoria saw rent prices drop between 20 to 23 per cent.
While they aren’t necessarily the cheapest weekly rent prices you’ll find, they’re a far cry from what the prices would have been a year ago.
These are the Australian suburb with the biggest rent price drops in the last 12 months:
Tomakin NSW, 2537: $430 (-41 per cent drop)
Bellevue Hill NSW, 2023: $1,775 (-29 per cent drop)
Dover Heights NSW, 2030: $1,200 (-25 per cent drop)
Airlie Beach QLD, 4802: $500 (-23 per cent)
Warrandyte VIC, 3113: $478 (-22 per cent)
Malua Bay NSW, 2536: $490 (-22 per cent)
Chelmer QLD, 4068: $600 (-20 per cent drop)
Curl Curl NSW, 2096: $1,100 (-19 per cent drop)
Mollymook Beach NSW, 2539: $495 (-18 per cent drop)
Waverley NSW, 2024: $995 (-15 per cent drop)
Speaking to Yahoo Finance, realestate.com.au chief economist Nerida Conisbee said NSW had been experiencing low levels of rental demand for a while due to migration flows going out of NSW and into other states.
“NSW attracts a lot of people from overseas but also loses a lot of people to Queensland and Victoria in particular.
“So what that tends to do if you’re in the city is it reduces rental demand,” she explained.
Another factor was that NSW had been seeing a boom in investment property. “So that also meant that supply of rental property is very good.”
Conisbee also noted prices had fallen in Bellevue Hill and Dover Heights, premium suburbs located in Sydney’s east.
“I think rent became too expensive – like the property market, prices rose by so much and demand pulled back.” As a result, we’re seeing this pricing drop, she added.
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