Sydney prime net face rent (NFR) held steady over the quarter whilst incentives increased another 470bps to 29%, resulting in a fall of 14% year-to-date in net effective rent (NER).

 

Melbourne prime NFR growth was flat over the quarter whilst prime incentives increased another 247bps to 32.5%. This has resulted in a 3.5% decline in NER over the quarter and a fall of 8% year-to-date.

 

Brisbane prime NFR growth was flat in Q3 whilst incentives increased marginally from 37% to 37.8%, resulting in a 1.7% decline in NER over the quarter and a fall of 8% year-to-date.

 

Perth prime NFR remained stable while incentives crept up 383bps to 50%. This has resulted in a fall of 7.1% year-to-date in NER, wiping the effective rental gains seen in 2019.