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Sharp increase on property rents revealed

Staff Reporter 1 minute read

In news that will no doubt bode well for investors, property rents grew by 1.7 per cent over the first three months of 2009 to be 8.2 per cent higher than 12 months ago.

According to the Housing Industry Association (HIA) the figure, revealed in the ABS’ Consumer Price Index, reaffirmed that Australia’s housing supply is simply not keeping up with the demands of a “strongly growing population”.

The shortage of new housing stock remains the major driver in pushing rents higher and keeping rental vacancies at record low levels, HIA chief executive Chris Lamont said.

Rents grew strongly over the March quarter in most capital cities, the association said. The capital cites with the strongest population pressures – Perth, Darwin and Brisbane – remain under the greatest pressure from rental increases.

 

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