Powered by MOMENTUM MEDIA
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 skyrocket across the country

Staff Reporter 1 minute read

The cost to rent soared over the twelve months to June with double digit growth recorded in five out of eight capitals.

The cost to rent increased most dramatically in Perth, where unit rents surged by 25 per cent and house rents by 17 per cent, Australian Property Monitors (APM) Rental Series showed.

Sydney and Melbourne also saw rents for houses rise 15 and 17 per cent respectively.

Rental yields remained best in Darwin and Canberra where rents are high compared to property values.

Michael McNamara, APM general manager, said high mortgage rates were the obvious catalyst for the rent rises.

Advertisement
Advertisement

“On one hand landlords are trying to offset increased costs and on the other hand high interest rates deter renters from making the shift into home ownership,” he said.

Published: 24-07-08

Rents skyrocket across the country
default
TheAdviser logo
default

TODAY'S POLL

View results >

Who do you aggregate through?

Thank you for your vote, you can see the results here.

more from the adviser
mortgage choice 850 Major brokerage appoints new GM of distribution

Mortgage Choice has announced that Citi’s former head of bankin...

ANZ new still ta ANZ extends business loan terms

The major bank has announced that it will extend the maximum loan...

cash money rolls Credit growth stunted by dive in business lending

Credit growth has waned as a result of a sharp drop-off in busine...

FROM THE WEB