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Rents growing at slowest pace on record

Rents growing at slowest pace on record

by Reporter 0 comments

Declining rental rates in five capital cities have helped drive record-low levels of rental growth.

Recent figures released by CoreLogic RP Data found that capital city rents increased at their slowest pace on record during the year to August, despite rising home values.

The data showed that sluggish growth in rents meant that national rental yields were trending down.

Darwin experienced the biggest losses in rental rates over the year: units fell 7.1 per cent to $452 and houses falling 8.6 per cent $565.

Perth suffered the second-largest decline, with unit rental rates dropping 5.7 per cent to $417 and house rental rates dropping 4.5 per cent to $462.

Adelaide’s unit rental rate dipped 0.3 per cent to $316, while houses increased by 0.1 per cent to $371.

In Brisbane, units’ rental rate rose by 0.3 per cent to $410 but houses dipped 0.1 per cent to $434.

The rent rate for units in Canberra increased 1.1 per cent to $404, while houses went up 0.6 per cent to $500.

Hobart’s unit rental rate increased by 2.4 per cent to $297 and houses fell 0.3 per cent to $341.

In Melbourne, the rental rate for units increased 1.9 per cent to $404, while houses climbed 1.5 per cent to $455, while in Sydney units’ rental rate rose 2.4 per cent to $537 and houses increased 1.2 per cent to $610.

[Related: National yields slow in lead up to spring season]

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Rents growing at slowest pace on record
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