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Hobart and Sydney lead in national rental growth

Hobart and Sydney lead in national rental growth

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New figures have shown that rents have either risen year on year or remained flat in most capital cities, except in Darwin and Perth.

A new report from Domain has shown that Sydney’s rents have risen at its fastest rate in four years, and that most capitals recorded record high rents.

Hobart saw the highest year-on-year growth from September 2014 to September 2015 as houses rose 6.5 per cent to $330 per week and units climbed 7.7 per cent to $280 per week.

In Sydney houses rose 3.9 per cent to $530 per week while units rose three per cent over the same period.

Houses in Melbourne jumped 2.6 per cent to $390 per week and units climbed 1.4 per cent to $370 per week.

In Adelaide houses rose 1.4 per cent to $30 per week and units jumped 1.8 per cent to $290.

Houses and units in Brisbane remained unchanged over the year at $400 per week and $370 per week respectively, while houses and units in Canberra also remained steady for the year, recorded at $450 and $380 per week respectively.

In Perth houses fell 6.7 per cent to $420 per week and units dropped 8.9 per cent to $360 per week.

Houses in Darwin fell 10.6 per cent to $590 per week and units dropped 12.7 per cent to $480 per week.

Domain senior economist Andrew Wilson said capital city rental markets are battlegrounds for tenants with high levels of competition in most cities.

“Low numbers of first home buyers and solid migration towards cities is keeping demand for rental properties, generally, well ahead of supply,” Dr Wilson said.

[Related: Rents growing at slowest pace on record]

 

Hobart and Sydney lead in national rental growth
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