Rents up across the nation
While rental yields are flat, rental rates are growing.
New figures from the December CoreLogic Rental Report show that rental rates saw a stronger annual change in the December quarter compared to the same period in 2016 across all capital cities except Canberra. Regional markets also saw a rental increase over the quarter.
Rents across the nation rose 0.3% for the quarter, which was up from 0.1% the previous quarter. While combined capital city rents remained static over the quarter, regional markets saw 1.2% growth.
Melbourne, Adelaide, Hobart and Canberra all saw increases in rental rates for the quarter. Hobart had the strongest growth at 2.1%, followed by Canberra at 1.6%.
Rents fell for the quarter in Sydney, Brisbane, Perth and Darwin. The steepest fall was in Perth, where rental rates were down 0.7%.
Combined capital city rents were $457 per week for houses and $449 per week for units. Combined regional market rents were $351 per week for houses and $349 per week for units.
Over the past 12 months to the December quarter, rents have increased in all capital cities with the exception of Perth and Darwin. Capital city rents were 2.9% higher year-on-year, while regional rents were 3.0% higher year-on-year.
- 76% of bank’s customers ahead on home loans shows it’s easier than you think
- Boom or bubble: What the next 24 months will look like for the Australian property market
- Sydney property boom: Buy now before prices soar?
- Will anything stop Australia’s property prices booming?
- CommBank 0.99% Green Loan: Can you get it?