New data shows annual rents across Australia declined for the first time in more than 20 years.

he latest data from CoreLogic RP Data shows that housing rents fell 0.5% across the nation in the year to March, and apartment rents rose only 1.5%. The results contradict recent data from Domain showing that rents across the nation were holding up well despite massive increases in supply.

CoreLogic RP Data's numbers show that rents in Melbourne rose 2% in the year to March, rents in Sydney were up 1.4%, Canberra saw a rise of 1.2%, and Hobart rents rose 0.3%.

But overall rents in all capital cities fell 0.2%.

Darwin rents fell 11.5%, Perth's fell 8.4%, Adelaide saw rents down 1%, and Brisbane rents eased 0.7%.

Australian head of research for CoreLogic RP Data, Cameron Kusher, said the decline was the first recorded since data began being collected in 1995. He said that the result could be partly seasonal, with rents remaining flat in January and February, but he doesn't expect a recovery soon. Huge amounts of new apartment supply, slower population growth and flat wages growth were constraining prices, said Kusher.

Source: The RealEstateConversation