Rents climb in June quarter

Rents climb in June quarter

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Rents have gone up across all the capital cities with the exception of the ACT, according to new June market data.

According to national services manager of David Berridge, the June Rent Report analysis reveals rents increased in all states except the ACT in the June quarter.

“The Northern Territory and Victoria shared the honours as the highest growth states in the June quarter, with average median weekly rent rising five per cent each,” he told Residential Property Manager.

“The NT’s increased to $557, close to the average median rent in the December quarter, and Victoria’s rose to $381 per week.”

According to the data, Western Australian rents lifted four per cent in the June quarter to $545 per week, the second highest in the country, and average days on market remained steady at 24 days, the shortest vacancy duration in the country. New South Wales had the second fastest turnover at 26 days in the June quarter - a seven per cent improvement.

However, Queensland landlords only saw a modest rise, according to Mr Berridge.

“Queensland saw a modest two per cent increase in rent, hitting $409 per week average median rent in the June quarter, with days on market steady at 27 days,” he said.

“Investors in NSW also benefited from a two per cent growth in rents to $483 on a quarter-to-quarter comparison, and South Australia rose one per cent to $330 per week.”

Days on market in South Australia decreased nine per cent to 29 days.

Tasmania’s average median rents increased two per cent to $282 in the June quarter, remaining the slowest rental turnover market, with days on market increasing three per cent to 35 days.

The ACT was the only Australian state to experience a decrease in rents, with a four per cent decrease in the average median rent in the June quarter to $467 per week, falling one place to become the fourth most expensive state to live in.

The city’s days on market also fell three per cent to 33 days.

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