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Weekly rents flat over the year

Weekly rents flat over the year

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New figures show it's been a tough market for investors as rents remain unchanged while yields fall across the country.

A new report from CoreLogic RP Data said rental growth conditions have never been weaker since the organisation started tracking annual rental changes in 1996.

Melbourne recorded the most growth as weekly rents rose 2.2 per cent from the end of February 2015 to $453 at the end of February 2016, while yield dropped from 3.3 per cent to 3.0 per cent over the same period.

In Canberra, weekly rents rose 1.6 per cent year on year to $500 and yields fell from 4.2 per cent to 4.1 per cent over the same period.

In Sydney, weekly rents rose 1.5 per cent to $598 while yields fell from 3.6 per cent to 3.4 per cent over the same period.

In Hobart, weekly rents remained unchanged at $341, while yields fell from 5.3 per cent to 5.0 per cent.

In Adelaide, weekly rents dropped 0.4 per cent to $366 and yields fell from 4.3 per cent to 4.1 per cent.

Brisbane’s weekly rents fell 0.7 per cent to $431, while yields fell from 4.6 per cent to 4.3 per cent.

Perth’s weekly rents fell 8.4 per cent to $442, while yields dropped from 4.1 per cent to 3.9 per cent.

Darwin’s weekly rents dropped 13.3 per cent to $505, while yields fell from 5.9 per cent to 5.2 per cent.

Across the capital cities, weekly rents remained unchanged at $485, while yields fell from 3.8 per cent to 3.5 per cent.

[Related: Weekly rents rise across most capital cities]

 

Weekly rents flat over the year
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