As any rent-paying Sydneysider will be well aware, rent in the Harbour City in 2024 is through the roof (ahem). Back in April, the Aussie real estate gurus over at Domain announced that Sydney rents have officially reached an all-time high. And while it’s easy to feel defeated by the hugely high cost of living, it’s not bad news for everyone, everywhere. In fact, in some Sydney suburbs, rent has fallen over the past 12 months.
The Sydney suburb that saw the most significant fall in rent over the past 12 months was Rose Bay in Sydney’s east. Yep, rosy Rose Bay. Here, rents fell by an average of 7.3 per cent between March 2023 and March 2024. That’s not to say that renting in this harbourside suburb is a mega savvy move, considering rent in Rose Bay is still costly compared with many other Sydney suburbs (it's still the sixth most expensive suburb in Sydney to rent in). But the fact that rent has fallen here is notable, especially when compared to neighbouring suburbs such as Dover Heights and Bellevue Hill, where rent has increased by 8.8 per cent and 38.9 per cent respectively over the past 12 months.
Where has rent fallen in Sydney?
The suburbs in Greater Sydney where rent has fallen most significantly over the past 12 months are:
- Rose Bay
- Forestville
- Mosman
- Loftus
- Hazelbrook
- Castle Cove
- Burraneer
- Copacabana
- Lake Munmorah
- Point Frederick
The second most notable fall in rent over the past 12 months was seen in the leafy Northern Beaches suburb of Forestville, which saw rent fall by 6.3 per cent between March 2023 and March 2024.
Other suburbs north of the bridge where rent fell over the past 12 months include Mosman (where the average weekly rent for a house is still $1,800) and Castle Cove (where the average rent has fallen by 5.1 per cent over the past 12 months).
South of the city, average rent in the bayside suburb of Burraneer fell by 4.8 per cent over the past 12 months, and rent in the Blue Mountains suburb of Hazelbrook fell by 5.4 per cent in the same period. The nearby suburb of Katoomba experienced a 1.3 per cent fall in rent, making it now the sixth most affordable suburb in Greater Sydney according to Domain, with average weekly rent for a unit now sitting at $380.
Where are the cheapest suburbs in Sydney to rent?
According to Domain, the most affordable suburbs to rent in Greater Sydney are currently:
- South Granville
- Carramar
- Cabramatta
- Canley Vale
- Kingswood
- Katoomba
- East Gosford
- Long Jetty
- Werrington
- Fairfield
Considering a move to the Blue Mountains or the Central Coast for more affordable rent? We don’t blame you.
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