Sydney apartment rents drop to three-year low on oversupply

Sydney

SYDNEY apartment rents have dropped for the first time in three-and-a-half years as a construction boom leads to an oversupply, according to a report by online real estate listing firm Domain.

The median weekly rent for units in Australia's largest city has dropped to A$500 (S$500) in the three months ended Dec 31 from A$510 in the September quarter, marking its first decline since the quarter ended June 2012, the report shows. House rents remained at the record level of A$530 a week.