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Unit rental prices continue upward trajectory

11 July 2014 Staff Reporter

RP Data’s latest rental report shows that while house rents have remained unchanged over the last six months, unit rents have increased by 2.4 per cent.

The new report follows similiar lines to the latest Australian Property Monitors’ Rental Price Series Quarterly Report  released yesterday. 

The RP Data quarterly national rental market report revealed capital city rental rates over the three months to June 2014 remained unchanged for houses, at $430 per week.

However, over that same time period unit rents rose by 1.2 per cent to $420 per week.

Annually, house and unit rents increased by 2.4 per cent while at the same time vacancy rate data sourced from the Real Estate Institute of Australia (REIA) shows a fall in rates across a majority of the capital city markets over the March quarter.

Sydney recorded the lowest vacancy rates of any capital city market with just 1.4 per cent of rental properties vacant, followed by Brisbane with 2.3 per cent.

Houses in Sydney, Brisbane, Adelaide, Darwin and Canberra all recorded no change in weekly rental rates over the quarter.

Melbourne (-1.3 per cent), Perth (-1.0 per cent) and Hobart (-1.5 per cent) all saw a decline in weekly advertised rents over the quarter.

Rents did not increase in any city over the quarter, with Adelaide (1.5 per cent) the only city to see a rise in rents over the 2014 calendar year to date.

For units, Sydney and Melbourne both recorded a rise in rents over the quarter, up 2.0 per cent and 1.4 per cent respectively.

Brisbane (-1.3 per cent) and Canberra (-2.5 per cent) both recorded a fall in rents over the three months ending June 2014.

All remaining cities saw rental rates remain unchanged over the quarter for units.

Unit rental prices continue upward trajectory
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