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The Australian suburbs with the biggest rental price drops in 2020

The year 2020 proved a volatile time for the Australian property sector, with rental markets in the country's capitals bearing the brunt of the coronavirus pandemic, particularly unit markets in Sydney and Melbourne.

Opportunities abound for savvy renters

Finding a budget-friendly rental is a priority for most tenants, which can sometimes mean compromising on location and lifestyle. However, rental prices across both houses and units fell in a number of desirable suburbs in 2020 presenting a rare opportunity for tenants, particularly in Sydney and Melbourne, to secure an affordable home in a previously unaffordable pocket.

Some rental suburbs thrived during COVID

While inner-city suburbs in Melbourne and Sydney saw drops in median weekly rental prices that tenants could get excited about, prices in other suburbs not only held strong but in some cases expelled.

It comes back to the fact that while the broad capital city trends are being influenced by the most renter-centric areas (inner-city units) it is not necessarily reflected throughout the region

by Mr Kusher

The realestate.com.au analysis revealed rental prices in a number of coastal suburbs also thrived during COVID. Sorrento, on Melbourne's Mornington Peninsula, had the fifth biggest growth in median weekly rent for houses nationally with a 25% increase to $650 per week.

The cheapest and most expensive rental suburbs in 2020

Unsurprisingly, the 10 most expensive rental suburbs for both houses and units nationally in 2020 were all located in Sydney.

The clifftop suburb of Vaucluse remained at number one for houses with a median weekly rent of $2,200, increasing from $2,000 in 2019. Bellevue Hill kept its number two ranking ($1,800) while Dover Heights came in at number three ($1,750), jumping dramatically from number 16 and a median of $1,350 in 2019.

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Tuesday, 22 June 2021

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