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Rents up across the capitals

03 May 2013 Reporter

Median rents in the capital cities were up over the three months ending in April, according to new figures released by RP Data.

Across the combined capital cities, house rents were up 1.4 per cent and unit rents were up 1.3 per cent.

However, rental yields have remained stable due to rising house prices, according to RP Data’s director of research, Tim Lawless.

“Despite the improvement in rental rates, gross yields across the combined capital cities have held fairly firm due to the fact that dwelling values are also rising," he said.

“The greatest yield improvements over the past year have been recorded across the Darwin and Perth markets where rents have been rising much faster than dwelling values. Perth rents are up 10.4 per cent over the past year and Darwin rents are up an even higher 11.4 per cent.

“At the other end of the spectrum, rents are falling across both the house and unit market in Hobart, down 1.3 per cent and 3.5 per cent over the past year. Canberra rents are also showing weakness, down 1.0 per cent for houses over the year.”

Rents up across the capitals
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