While property values showed resilience through the difficult Covid19 induced property cocoon of 2020, the rental markets in certain parts of Australia were hit quite hard.

Sydney unit rents have recorded their steepest drop in more than 15 years according to the latest Domain Rent Report , with the largest percentage drops for apartments in Sydney’s CBD and eastern suburbs.

Apartment rents are back at 2013 levels, with the median asking rent for Greater Sydney units falling $25, or 5.1 per cent, over the December quarter to $470 a week.

Median rents across 57 suburbs dropped by 10 per cent or more over the year to December.

Weekly rents are now $40 lower than a year ago, marking the steepest quarterly and annual price fall since Domain records began in 2004, said Domain senior research analyst Nicola Powell.

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The Sydney CBD and Pyrmont both recorded unit rents fall of $150 a week, or 20 per cent and 18.5 per cent respectively, while asking rents in Haymarket fell $140.

Millers Point recorded the biggest drop, with median weekly asking rent for units falling a whopping $305 — or 30.5 per cent — to $695 a week.

The current conditions have given tenants in certain locations the chance to negotiate hundreds of dollars off asking rents.

At Metropole Property Management’s Sydney office our proactive approach has minimised vacancies and rental reductions for our landlord clients.

In fact we have had a record last few months leasing properties for our clients.

Fortunately the Metropole team have always avoided recommending properties in the high-rise towers that have been the hardest hit, however even some of Sydney’s eastern and inner western suburbs have suffered.

A two-speed market

But Sydney is now a two-speed market for tenants, with house rents returning to record highs over the quarter, jumping $10, or 1.9 per cent, to $550 a week according to Domain.

House rents were up across most regions, with the largest increase recorded on the Central Coast where rents climbed 4.5 per cent over the quarter to $460 a week.

This was followed by the lower north shore where the median jumped 2.9 per cent and the Blue Mountains and south-west, which both recorded a 2.2 per cent increase.

NOW READ: Is this the time to worry about falling rentals?

Now is the time to take action and set yourself up for the opportunities that will present themselves in property this year.

If you’re wondering how to take advantage of the new property cycle you can trust the team at Metropole to provide you with direction, guidance and results.

Whether you are a beginner or a seasoned property investor, we would love to help you formulate an investment strategy or do a review of your existing portfolio, and help you take your property investment to the next level.

In “interesting” times like we are currently experiencing you need an advisor who takes a holistic approach to your wealth creation and that’s what you exactly what you get from the multi award winning team at Metropole.

If you’re looking at buying your next home or investment property here’s 4 ways we can help you:

Strategic property advice. – Allow us to build a Strategic Property Plan for you and your family.  Planning is bringing the future into the present so you can do something about it now!  This will give you direction, results and more certainty. Click here to learn more
Buyer’s agency – As Australia’s most trusted buyers’ agents we’ve been involved in over $3.5 Billion worth of transactions creating wealth for our clients and we can do the same for you. Our on the ground teams in Melbourne, Sydney and Brisbane bring you years of experience and perspective – that’s something money just can’t buy. We’ll help you find your next home or an investment grade property.  Click here to learn how we can help you.
Wealth Advisory – We can provide you with strategic tailored financial planning and wealth advice. Click here to learn more about we can help you.

Property Management – Our stress free property management services help you maximise your property returns. Click here to find out why our clients enjoy a vacancy rate considerably below the market average, our tenants stay an average of 3 years and our properties lease 10 days faster than the market average.

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Read more: propertyupdate.com.au