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Rents up 8.6pc in some cities, down 5.6pc in others

Rents up 8.6pc in some cities, down 5.6pc in others

by Jay Garcia 0 comments

Australia’s rental markets are a mixed bag, with some capitals reporting strong growth while others head backwards.

According to Onthehouse statistics for April, year-on-year growth in rental prices across Australia’s capital cities has slowed, while Darwin, Perth and Hobart reported some declines.

The price of renting a home in Sydney has jumped 8.1 per cent year-on-year to $670, while average unit prices increased 4.7 per cent to $555.

Melbourne house rents rose 3.4 per cent to $460, while unit rents rose 1.3 per cent to $400.

Brisbane’s rent rates remained stagnant for both houses and units, sitting at $445 and $385 respectively. 

In Adelaide the growth was primarily around houses, which increased 4.1 per cent to $380 while unit rental rates rose by 1.6 per cent to $310.

The ACT saw small growth in housing of just 1.0 per cent to $500, but the price of renting a unit fell 4.8 per cent to $400.

Houses in Hobart saw significant jump of 5.8 per cent to $365, while units fell 3.5 per cent to $275.

Darwin’s rental market for houses dropped 3.3 per cent to $585 and units fell 5.1 per cent to $470.

Perth also reported losses with housing dipping 4.2 per cent to $460 and units falling 5.6 per cent to $425.

[Related: Sydney’s highest yielding suburbs unveiled]

 

Rents up 8.6pc in some cities, down 5.6pc in others
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