Unit rental prices are edging upwards, and are now approaching those for houses in most capital cities.
The Australian Property Monitors Rental Price Series report has found national median asking rents for houses fell 0.2% for the September quarter, while unit rental prices increased 1.1%. APM senior economist Andrew Wilson commented that unit prices had increased faster than detached house rental prices as "discontented first homebuyers" entered the rental market.
"As a consequence, the median weekly asking rentals for units is now fast approaching that of houses in many capital cities, as the overall demand for units for both lifestyle and affordability reasons continues to be greater than the demand for more expensive and generally outer-suburban houses," Wilson said.
Wilson indicated that stable interest rates were expected to increase buyer activity, taking pressure off the rental market.
Can you afford to buy in this suburb? Find out how much you can borrow
Top Suburbs :
tweed heads south
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