Renters will enjoy a reprieve on rent rises in most capital cities for at least the rest of the year, according to Australian Property Monitors’ Rental Price Series Quarterly Report.
Nationally, median weekly asking rents for houses increased marginally by +1.0% with unit rents up by +0.7%.
The rental markets in Perth and Canberra cooled with median weekly asking rents falling for both houses and units over the September quarter.
Melbourne and Brisbane were the only capital cities to record house rental growth over the quarter with increases of +2.8% and +1.3% respectively.
In Sydney, though house rents remained flat at $500 per week over the past year, affordability barriers continue to impact the market with unit rents rising by +1.1% to $480 per week and edging closer to the median weekly asking rents for houses.
“The good news for renters is that rents are likely to remain stable in most capital cities until at least the end of the year,” said Andrew Wilson, senior economist, Australian Property Monitors.
“The increase in buyer activity in the spring selling season, driven by factors including record low interest rates, will continue to take the pressure off the rental market by decreasing competition for available rental properties and motivating investors to re-enter the market,” said Wilson.
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