Yes, the cost of living is real. And although the list of things you can do for under $25 in Sydney is rapidly shrinking, it looks like things could be looking up in the rent department. Back in January, Domain revealed that Sydney’s rental price growth has finally started to slow down. In their most recent report, they’ve highlighted several Sydney suburbs where rent has actually fallen – so if it’s time for a seachange (or treechange), it might be worth taking note.
The Sydney suburb where rent has fallen by the most significant amount is the leafy, lower north shore suburb of Riverview, where rent has fallen by 18 per cent over the past year. The median weekly asking rent in Riverview fell by $225 from February 2023 to February 2024, now sitting at $1,250 as opposed to $1,475 back in early 2023. Nearby, Elanora Heights has experienced a similar (though not quite as extreme) rent decrease, with weekly median asking rent in the suburb falling by $96.36 over the past twelve months. The 8.8 per cent rent decrease has brought the weekly median asking rent in the suburb down to $1,095. It’s no happy hour jackpot, but it’s something.
Interestingly for those open to a coastal escape, six of the ten suburbs listed by Domain as having experienced the most significant rent decrease are located in the Central Coast – the region just north of Sydney recently recognised on a global scale for its ecotourism offering. The takeaway? An extended eco-retreat isn’t as unaffordable as you might think.
And while most suburbs listed are located on the outskirts of the city, one notable exception bears Sydney’s most central postcode. The weekly median asking rent for units in The Rocks has fallen by 4.8 per cent over the past twelve months – with a $48 rent decrease bringing rent down to an average of $1,000 per week. So if you’re looking to move to an apartment in the inner city, The Rocks could be the one – leaving you with a little more spending money to splash at the historic neighbourhood’s excellent eateries.
According to Domain, the Sydney suburbs where rent has fallen most significantly over the past twelve months are:
- Riverview - rent has fallen by $225 (18 per cent)
- Elanora Heights - rent has fallen by $96.36 (8.8 per cent)
- Wyongah - rent has fallen by $41.43 (8.7 per cent)
- Hamlyn Terrace - rent has fallen by $32.82 (6.7 per cent)
- Erina - rent has fallen by $37.44 (6.4 per cent)
- Copacabana - rent has fallen by $47.25 (6.3 per cent)
- Blackwell - rent has fallen by $28.56 (5.6 per cent)
- Empire Bay - rent has fallen by $33.32 (5.6 per cent)
- Loftus - rent has fallen by $42.28 (5.6 per cent)
- The Rocks - rent has fallen by $48 (4.8 per cent)
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