A year-on-year increase of almost 4% has resulted in Sydney’s weekly median asking rent for houses hit an all-time high according to research from Domain Group.
According to Domain Group Rental Market Report for the 2015 June quarter, the weekly median asking rent for a house in Sydney now sits at $530, having increased in 3.9% over the previous 12 months.
The rise is Sydney’s biggest annual increase in five years and was buoyed by this year’s June quarter when rents rose by 1.9% over three months.
While Sydney house rents are at record highs, the harbour city still falls behind Darwin
when it comes to the highest house rents in the country.
Despite a year-on-year decrease of 7.7%, the Northern Territory’s capital city still has the highest weekly median house rent at $600.
also saw a decrease in the 12 months to the end of June, with weekly rents down 6.5% to $430.
Hobart saw the biggest increase over the 12 months, with its rents moving up 6.5% to $330.
Melbourne recorded a 2.6% increase over the period to $390, while rents in Adelaide
rose 1.4% to $350.
Canberra and Brisbane saw their rents hold steady at $450 and $400 respectively.
For units, Sydney and Darwin are tied for the highest weekly median asking rent at $500.
Over the past 12 months Sydney has seen an increase of 1%, while Darwin saw a decrease of 9.1%.
Following Darwin, Perth had the most significant decrease, with weekly unit rents falling by 6.3% to $375.
Brisbane also saw a decrease, with a 1.3% fall to $370.
Hobart again saw the biggest increase, up 1.9% to $270, while Adelaide saw a 1.8% rise to $290.
Canberra saw a 1.3% increase to $290 a week, while Melbourne rents remained unchanged at $370.
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
Top Suburbs :
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out