For those following along religiously, we ended our June 2025 update with the sentiment of moderation being bound to occur. Well, moderation, and then some, has truly occurred with all major markets posting declines across the vast majority of units month-over-month (MoM).
For the month of July 2025, the spotlight is on Greater Brisbane. After several months of asking rate growth, momentum appears to have shifted in the Sunshine State. Operators responded by reducing asking rates by an average of 9.5% across all unit sizes, with 13.5m² units falling faster than green grass through a goose and recording the sharpest decline at 13.1% MoM .
In Greater Sydney and Greater Melbourne, the trend was consistent with recent Market Rate Flash updates: asking rents fell across all unit sizes. Still, Greater Sydney retains the highest asking rates in the country across every unit size.
Greater Perth, meanwhile, is closing the gap on Sydney. On a blended basis (drive-up, ground, and upper-level units), Perth’s monthly asking rates are approaching parity with Sydney’s. Notably, in July, customers paid an average of $215 per month for a 6.0m² unit in both cities.
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