{"id":28333,"date":"2020-10-15T06:50:50","date_gmt":"2020-10-14T17:50:50","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=28333"},"modified":"2020-10-15T06:50:50","modified_gmt":"2020-10-14T17:50:50","slug":"melbourne-unit-rents-fall-to-three-year-low-as-house-rents-get-more-expensive-domain-rent-report","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/melbourne-unit-rents-fall-to-three-year-low-as-house-rents-get-more-expensive-domain-rent-report\/","title":{"rendered":"Melbourne unit rents fall to three-year low as house rents get more expensive: Domain Rent Report"},"content":{"rendered":"

PHOTO: Nicolas Gorrono at home in his new Brunswick West home.\u00a0Photo:\u00a0Joe Armao<\/span><\/strong><\/p>\n

Apartment rents across Melbourne have\u00a0fallen dramatically for the second time in six months, suffering the steepest falls of any capital city, new data shows.<\/p>\n

The\u00a0Domain<\/i>\u00a0Rent Report,<\/em> 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.<\/p>\n

It now costs the same amount to rent a unit in Melbourne as it does in Hobart.<\/p>\n

It\u2019s a change that has happened swiftly and dramatically across the city in 2020, Domain senior research analyst Nicola Powell says.<\/p>\n

\u201cThe pandemic has had a once-in-a-lifetime impact on the rental market, reducing demand at a time supply has bounced,\u201d she said.<\/p>\n

\u201cIn a matter of months Melbourne has become a tenants\u2019 market, with the number of vacant rental properties more than doubling since March.<\/p>\n

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Unit rents, September quarter 2020 \u2013 capital cities<\/strong><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
City<\/td>\nMedian weekly rent<\/td>\nQoQ<\/td>\nYoY<\/td>\n<\/tr>\n
\u00a0Sydney<\/td>\n$495<\/td>\n\u00a0-1.%<\/td>\n\u00a0-4.8%<\/td>\n<\/tr>\n
\u00a0Melbourne<\/td>\n$400<\/td>\n\u00a0-3.6%<\/td>\n\u00a0-4.8%<\/td>\n<\/tr>\n
\u00a0Brisbane<\/td>\n$395<\/td>\n\u00a03.9%<\/td>\n\u00a03.9%<\/td>\n<\/tr>\n
\u00a0Adelaide<\/td>\n$340<\/td>\n\u00a06.3%<\/td>\n\u00a09.7%<\/td>\n<\/tr>\n
\u00a0Perth<\/td>\n$340<\/td>\n\u00a06.3%<\/td>\n\u00a09.7%<\/td>\n<\/tr>\n
\u00a0Canberra<\/td>\n$480<\/td>\n\u00a01.1%<\/td>\n\u00a03.2%<\/td>\n<\/tr>\n
\u00a0Darwin<\/td>\n$390<\/td>\n\u00a02.6%<\/td>\n\u00a02.6%<\/td>\n<\/tr>\n
\u00a0Hobart<\/td>\n$400<\/td>\n\u00a05.3%<\/td>\n\u00a01.3%<\/td>\n<\/tr>\n
\u00a0National<\/td>\n$447<\/td>\n\u00a0-0.8%<\/td>\n\u00a0-2.9%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
Source: Domain Rent Report, September quarter 2020<\/em><\/h6>\n

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