Property investors looking for an immediate return on their investment are flocking to the eastern suburbs of Sydney where house rents are soaring.
According to figures from RP Data, Rose Bay in Sydney recorded the greatest annual growth in house rents, with a 58.3 per cent increase.
Over the 12 months, median weekly advertised rents in the suburb increased from $600 per week to $850 per week.
A list of the top five areas with best rental growth compiled by rpdata.com research analyst Cameron Kusher showed a fairly even split between high and low priced suburbs, with many New South Wales, Victorian and Western Australian suburbs having higher price tags while other states recorded a mixture of higher and lower priced stock.
Mr Kusher said it was not surprising to see the best performing suburbs tended to be in the capital city cities.
For the unit market, West End in Brisbane achieved the greatest jump in median weekly advertised rents, increasing by 39.4 per cent from $330 per week to $460 per week.
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