Sydney CBD average room rents drop 16%
on 20 October 2015 by Aaron Wischusen
Data released by Flatmates.com.au has revealed that room rents in Sydney CBD have dropped a whopping 16.25% year on year, from an average of $379.28 per week to $317.67.
Woollahra room rents saw the second biggest drop with 14.74% followed by Liverpool at 10.58% and Bondi with a fall of 8.55%.
At the other end of the scale, Darlington experienced the greatest rise in average room rents year on year, with 14.78% increase.
Dulwich Hill and Rockdale also saw large increases in rent with 12.58% and 11.52%, respectively.
The data considered average weekly room rents listed during the third quarters of 2014 and 2015.
General Manager of Flatmates.com.au, Thomas Clement said there were a number of reasons for the drop in average rents, namely the increase in people wanting to share their homes.
“The growth of share accommodation over the past year has seen more and more people open up their homes to a flatmate.”
“The increase in range and type of properties has meant the average cost in some areas has fallen and in others gone up.”
“It’s great news for those looking to rent a room, as it means there is much more choice in where you live and for what price.” Three quarters of Sydney’s suburbs experienced some form of positive growth in average room rental prices.
By area, Parramatta experienced the largest growth in room prices with a 9.42% jump from $223.13 per week to $244.15.
On the back of a falling averages in the CBD, the Sydney City area experienced the greatest drop with rents falling by 1.97%.