Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Rents continue to grow

Staff Reporter 4 minute read

James Mitchell

Rental rates have increased in the past 12 months despite slow growth in property values.

Weekly rental rates increased nationally by 1.4 per cent and by 2.7 per cent in the capital cities over past 12 months, according to the RP Data March 2011 Quarterly Rent Review.

The rise in rates can be attributed to sluggish property value growth over recent months, RP Data report analyst Cameron Kusher said.

Advertisement
Advertisement

“With limited purchasing activity based on concerns about affordability, we were likely to see increasing demand for rental properties,” Mr Kusher said.

Melbourne and Darwin recorded no growth in house or unit rents, while Sydney’s house rents remained unchanged over the quarter.

Sydney and Melbourne are the only two cities that recorded growth in dwelling values over the past month based on the February RP Data and Rismark home value index.

Darwin is the most expensive capital city to rent a house at $520 a week.

The capital city tied with Sydney to be the most expensive city to rent a unit, with both boasting an average rent of $430 a week.

PROMOTED CONTENT


Hobart has the cheapest units for rent at $280 a week and Adelaide the cheapest houses at $330 a week.

Rents continue to grow
default
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

default

 

more from the adviser
handshake news Ex-broker head to lead MyState banking

A former broker head has returned to MyState Bank to tackle turna...

BBS 2021 ta SA/NT’s top brokers crowned

The leading brokers in South Australia and the Northern Territory...

Paul Kearney ta AFCA recruits from ME Bank

The complaints authority has named a new executive general manage...