Rents fall for first time in a year, but prices still soar

Rents in Sydney’s luxury apartment sector rose for the first time since April last year, with prices on average rising by more than 3 per cent to a record $2,800 per month.

Photo: Rob Homer Mr Hancock said rents in the market had fallen more than 1 per cent on average over the past 12 months, while apartment rents increased by 0.4 per cent.

“This is good news for tenants,” Mr Hancock told reporters.

“We’ve had a lot of growth in rents over the last few months, particularly in the last 12 months.”

There are a lot more people moving into apartments than we’d like, which has led to a significant rise in rents, but the growth has been offset by a reduction in occupancy and occupancy rates, so we’re seeing rents fall for the third straight month.

“He said it was too soon to know if the latest quarterly growth figures would continue.”

It’s really important to remember that the underlying numbers are still fairly stable and that the housing sector has continued to recover strongly over the course of the year.””

But at the same time we’re also seeing a real deterioration in occupancy rates and occupancy rate growth.”

It’s really important to remember that the underlying numbers are still fairly stable and that the housing sector has continued to recover strongly over the course of the year.