Consumers are readying themselves for a rise in weekly rental rates over the next 12 months, new research shows.
A consumer sentiment survey conducted by Nine Rewards and RP Data saw 1,040 participants answer a range of questions on what they expected from Australia’s property market over the next six to twelve months.
Over 60 per cent of respondents believe home rental rates will rise over the next 12 months, with over 44 per cent believing it will be to the tune of between 2.5 per cent and 4.9 per cent.
While just over 35 per cent said rental rates would stay the same in the 12-month period.
It was a closer race when respondents were asked if they believed home rental rates would rise, fall or remain the same in the next six months.
According to the data 54.1 per cent of people surveyed believed rates would rise in six months, while 43 per cent said rates would remain stable.
According to RP Data national research director Tim Lawless, the latest data shows a substantial upward shift in consumer expectations for housing market conditions.
“The results revealed distinct differences from region to region,” he said.
“As consumer confidence in housing market conditions rises, we are likely to see a larger number of dwelling sales as the year progresses.”