Alongside our shared love for the Tillies and our delight at the long-awaited demise of La-never-ending Niña, the rising price of rent was a topic that united Sydneysiders during the year that was. Now, in 2024, there’s cause for celebration – with recent data from Domain showing that rental price growth in Sydney is finally slowing down.
The Domain Rent Report – released this morning (Thursday, January 11) – revealed that rental price growth in Sydney (and in Melbourne) is finally starting to slow down, with Dr Nicola Powell, Domain's Chief of Research and Economics, explaining that “the rental market may have turned a corner over the December quarter.”
Time for a celebratory drink? We’d like to think so, but it’s not all sunshine, rainbows and spending money: the median rental price for a house in Sydney is sitting at $730, and for a unit at $680, making our Harbour City the most expensive city in Australia to settle down.
The comprehensive report cited rising demand and limited supply as the main cause of the rental crisis in Australia, highlighting the need for the government to focus on improving the supply of affordable housing. But following a three-and-a-half year period of sustained growth in rental prices, Domain has cited a “clear slowdown in rental growth” across Sydney in December 2023.
With the aim of helping Sydneysiders find their base, Domain has also spotlighted the cheapest suburbs to rent within 10km of Sydney’s CBD. Domain identified Haberfield as the cheapest suburb to rent within 10km of Sydney CBD, with other Inner West suburbs on the list including Newtown, Summer Hill and Stanmore. Somewhat surprisingly, a couple of suburbs in Sydney’s east also joined the list, with the historic suburb of Paddington listed as the tenth cheapest suburb to rent within 10km of Sydney CBD.
According to data from Domain, the cheapest suburbs to rent within 10km of Sydney CBD are:
1 - Haberfield
2 - Lilyfield
3 - Gladesville
4 - Summer Hill
5 - Stanmore
6 - Annandale
7 - Newtown
8 - Hunters Hill
9 - Rushcutters Bay
10 - Paddington
You can learn more about the Domain Rent Report and its findings about Sydney’s rental market over here.