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National rental rates on the rise, new data finds

National rental rates on the rise, new data finds

National rental rates on the rise
by Tim Neary 0 comments

While national rental yields are flat, rental rates are on the rise, new CoreLogic data has found.

Over the December quarter, all capital cities, with the exception of Canberra, recorded stronger annual rental returns, while regional markets simultaneously earned a rental increase, according to the latest CoreLogic Rental Report.

The report found that, nationally, rents rose by 0.3 per cent over the quarter, which is more than the 0.1 per cent over the previous quarter but the weakest fourth quarter for rental growth since 2014.

Rental rates were higher in Melbourne (+0.3 per cent), Adelaide (+0.9 per cent), Hobart (+2.1 per cent) and Canberra (+1.6 per cent).

They were lower in Sydney (-0.3 per cent), Brisbane (-0.1 per cent), Perth (-0.7 per cent) and Darwin (-0.5 per cent).

Median rents

The report found that national median weekly rents were $420 for houses and $425 for units.

It found that weekly rents increased by 0.1 per cent, to be 0.3 per cent higher over the final quarter of 2017 and 2.7 per cent higher over the 2017 calendar year.

Capital city rents are now 0.1 per cent lower over the quarter and 2.9 per cent higher year-on-year, while regional market rents are 1.2 per cent higher over the quarter to be 3.0 per cent higher over the past 12 months.

CoreLogic research analyst Cameron Kusher said that, although rental growth has accelerated over the past 12 months, the quarterly data points to softer growth.

“Typically, the first quarter of each year shows strong positive seasonality, so it will be interesting to see how growth over the first quarter of 2018 compares to the first quarter of 2017,” Mr Kusher said.

“As the latest result show, the final quarter of 2017 was relatively weaker for rental growth compared to the previous year.”

National rental rates on the rise, new data finds
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