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Soaring rentals in the capital cities – particularly in the Top End – may soon lure investors back to the property markets.
Property figures released by Mortgage Choice and Real Estate Institute of Australia (REIA) released this morning revealed record low vacancy rates in most capital cities during the quarter while median rents continued to boom.
According to The Real Estate Market Facts June quarter report in Darwin vacancies sat at just 0.3 per cent – the lowest national figure – while the median weekly rent was $510, substantially higher than in any other city.
In Perth, median weekly rents for houses grew by a substantial 4.5 per cent to $350 during the quarter and in Sydney they rose 3.1 per cent to $330.
In units, Brisbane’s weekly median rent grew by a staggering 6.7 per cent to $325, followed closely by an increase of 5.6 per cent to $380 in Sydney.
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