As the rental crisis continues to smash NSW residents, the suburbs with the greatest annual fall in rental growth for houses and units have been revealed.
New data by Proptrack revealed rent in some suburbs in the state has fallen by a whopping $100 a week.
The suburb where rental house prices have fallen the most is Erina, on the NSW Central Coast, which fell from $720 a week in January 2023 to $620 in January 2024.
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The suburb with the second-biggest drop in rental prices for a house was in Telopea, northwest of Sydney, which dropped from $750 a week in January 2023, to $650 a week in January 2024.
For units, the NSW suburb with the biggest drop in rental prices was in Lake Cathie, near Port Macquarie, which dropped from $440 in January 2023 to $380 in January 2024.
The suburb with the second-biggest drop in unit rental prices was in Booker bay, on the Central Coast, which dropped from $570 in January 2023 to $500 in January 2024.
Unfortunately for Sydneysiders, only one suburb in the city made the top 10 list. The rest of the suburbs making the list of places with the largest rental drops were in rural or coastal NSW.
However, Sutherland, in Sydney’s south, saw a reasonable drop from $770 in January 2023 to $700 in January 2024.
It comes as the areas of Sydney with the highest rental vacancy rates have been revealed.
Across Australia, the vacancy rate has hit a record low of 0.7 per cent, according to new data from Domain.
In all capital cities, aside from Adelaide and Hobart, the vacancy rates declined throughout February 2024.
Unfortunately for Sydney renters, the city’s vacancy rate overall fell 0.8 per cent in February 2024, Domain said, citing a “record low level of supply”.
However, average views per rental listing in Sydney declined over the month and annually, highlighting slower demand.
Highest vacancy rates in Sydney
The following areas of Sydney had the highest vacancy rates in February 2024:
- Dural/Wisemans Ferry — This area, on the northern outskirts of Sydney, had a 2.9 per cent vacancy rate last month, making it the area with the highest vacancy rate.
- Rouse Hill — This area, in Sydney’s Hills District, had a 2.6 per cent vacancy rate last month.
- Pittwater — In Sydney’s north, Pittwater had a 1.8 per cent vacancy rate in February.
- Blacktown— In Western Sydney, Blacktown had a 1.5 per cent vacancy rate in February.
- Ku-ring-gai — In this area in Northern Sydney, the vacancy rate fell to 1.4 per cent last month.
Lowest vacancy rates in Sydney
The following areas of Sydney had the lowest vacancy rates in February 2024:
- Sutherland/Menai/Heathcote — In Sydney’s Sutherland Shire, the lowest vacancy rate in the city was recorded at just 0.3 per cent in February 2024.
- Camden —This area, in Sydney’s southwest, had a 0.4 per cent vacancy rate last month.
- Bankstown — In Western Sydney, Bankstown also had a 0.4 per cent vacancy rate in February.
- Eastern Suburbs — By the beach, Sydney’s Eastern Suburbs had a 0.5 per cent vacancy rate in February.
- Canterbury — In this area in Sydney’s southwest, the vacancy rate was also at 0.5 per cent last month.