Rents are continuing to trend at all-time highs across Australia’s capital cities.
According to the Domain Group Rental Report, median weekly asking rents for houses increased by 0.8% over the March quarter, while unit rents rose by 0.4%.
“While in most capital cities asking rents were steady over the March quarter, vacancy rates are still relatively tight and asking rents in a number of capital cities remain at record levels,” said Domain Group senior economist Andrew Wilson.
Hobart and Melbourne saw the most significant developments with rental rates for houses increasing 3.1% and 2.5% respectively over the March quarter.
“Despite this recent growth, Hobart remains the most affordable of all the capitals, although it is rapidly closing-in on the next most affordable, Adelaide
,” said Wilson.
Sydney, Brisbane, Adelaide and Canberra house asking rents remained steady during the period, while Darwin
house rents decreased by 1.9%. Rent for Perth
’s housing stock remained flat, while its units saw a drop of 1.3%.
“The falls we’ve seen in Darwin and Perth demonstrate a softening of demand and increased supply in those local markets," said Wilson.
“Upward pressure on rents is set to continue through 2015 in most capitals. The prospect of lower interest rates, relatively high comparative yields and capital growth will continue to fuel investor activity, particularly in Sydney where rents remain at record levels.”
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