Top rental rates fall in Australia

Rental rates for million-dollar properties in Australia's most sought after suburbs have fallen by as much as 24 per cent, according to new research from RP Data.

Although this is not great news for people who have just snapped up a super-prime rental apartment, it is good news for industrious Aussies who are paying a small fortune in rent.

In some salubrious parts of the country, rents have plummeted by an incredible $250 a week, according to the research specialist.

Commenting on the sudden slump, Glenn Otto, a professor from the University of New South Wales, told the Daily Telegraph: "It's interesting, because rents have been very strong recently.

"It does suggest on the surface that the property market is softening at the prestige level."

However, investing in a waterfront apartment could make sense for home loan customers, as recent figures from the Australian Bureau of Statistics have shown that semis and apartments retain their value better than traditional town houses.

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