“Canberra is the new Sydney” is not something you would expect to hear after an unexpected drop in Sydney’s rental prices. Compared to Sydney’s affordability at $540 per week, Canberra has since overtaken the harbourside city at $560 per week.
According to Domain Senior Research Analyst, Nicola Powell, Sydney’s market should keep rent in control for a bit longer, and tenants will find greater bargaining power. But how do other cities in Australia compare in wake of this pricing drop?
As of December 2018, this is Domain’s median weekly house rate in capital cities broken down across the country:
Although this shows promise for Sydney’s property market, bigger cities like Melbourne and real estate in Adelaide and Brisbane have remained affordable in comparison and still the reason for current Sydney-siders considering the option to leave the state entirely for cheaper rent.