These detailed two-year trends for NSW and Victoria relate to agreed rents.
Notably, Sydney’s outer suburban trend sharply contrasts from that of inner and middle ring localities. Rents in outer Sydney have been tracking along a trajectory much more similar to regional NSW (other than Newcastle). It could be that this is partly a reflection of changing property type demand during the pandemic. If homes for let in inner and middle Sydney are typically units, but most in outer ring suburbs (as in most regional areas) are houses, that could affect aggregate rent trends in a period when house rentals have commanded an unusually large premium.