Powered by MOMENTUM MEDIA
realestatebusiness logo
Subscribe to our newsletter SIGN UP

Rents growing at slowest pace on record

22 September 2015 Reporter

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

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]

Read more:

Court sentences agency director for $789k fraud

Q&A: Sam Beckerleg, Latham Cusack Property Services

YouTube: Crazy potential buyer takes things too far

Blog: Value your customer database – it's the lifeline of your business

Rents growing at slowest pace on record
lawyersweekly logo
FROM THE WEB
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast

Network or independent?

Independent
Network, the bigger the better
Network, but midsized
Niche group, small and agile
Do you have an industry update?
REAL ESTATE BUSINESS NEWSLETTER
Ensure you never miss an issue of the Real Estate Business Bulletin. Enter your email to receive the latest real estate advice and tools to help you sell.