Home buyer demand pushes rent down

Home buyer demand pushes rent down

by 0 comments

The surge in first home buyers entering the property market last year on the back of historically low interest rates has helped ease rental rates across Australia.

According to RP Data, there has been minimal rental increases over the last 12 months, with rates for both houses and units remaining relatively unchanged.

Currently the national average rental rates are $440 for houses and $417 for units.

During 2009, weekly rents fell by 4.5 per cent for houses and 1.4 per cent for units.

RP Data research analyst Cameron Kusher said with so many renters moving into home ownership, it was inevitable that the rental growth would ease.

“Added to this was the fact that rents had been recording steady and consistent growth during recent years,” Mr Kusher said.

Perth recorded the greatest fall in rental rates, at 6.9 per cent, followed by Canberra, which suffered a 3.3 per cent drop in rental rates and Sydney with a 1.5 per cent drop

The surge in first home buyers entering the property market last year on the back of historically low interest rates has helped ease rental rates across Australia.

According to RP Data, there has been minimal rental increases over the last 12 months, with rates for both houses and units remaining relatively unchanged.

Currently the national average rental rates are $440 for houses and $417 for units.

During 2009, weekly rents fell by 4.5 per cent for houses and 1.4 per cent for units.

RP Data research analyst Cameron Kusher said with so many renters moving into home ownership, it was inevitable that the rental growth would ease.

“Added to this was the fact that rents had been recording steady and consistent growth during recent years,” Mr Kusher said.

Perth recorded the greatest fall in rental rates, at 6.9 per cent, followed by Canberra, which suffered a 3.3 per cent drop in rental rates and Sydney with a 1.5 per cent drop

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

With a combined sales volume of over $14 billion in 2017, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
Marnie Seinor on structure, database DNA and connecting with her local community

There’s no such thing as an “off switch” in real estate – so says McGrath agent Marnie Seinor, who came in at number 78 in this year...

View all podcasts

Does the benefit of being part of a branded group outweigh the cost?

Yes
No
Depends on the group
Do you have an industry update?