Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

rpm logo latest

Median rents for units spike, houses flat

By Staff Reporter
11 April 2013 | 1 minute read

High demand for units in Sydney, Melbourne and Perth have driven up median weekly asking rents in the March quarter, according to Australian Property Monitors’ Rental Price Series Quarterly Report.

Advertisement
Advertisement

Nationally, median asking rents for houses was stable at 0.4 per cent, however units rose by 2.2 per cent over the three months ending March 2013.

Though house rentals remained flat in Sydney over the quarter at $500, unit rents rose by 2.2 per cent to $470 per week.

In Melbourne, unit prices increased by 2.9 per cent to $360 per week, which is the same current weekly asking rent for houses.

Perth and Darwin also continue to record massive increases in both house and unit rental prices with Darwin the most expensive capital city in which to rent. 

“Upward pressure on rents is set to continue in Sydney, Perth and Darwin, as a chronic shortage of housing continues to put the rental bite on tenants in those cities,” Australian Property Monitor’s senior economist, Dr Andrew Wilson, said.

“The demand for units in Sydney in particular is being influenced by low first home buyer numbers as well as emerging lifestyle preferences, which will see prices rise for this area of the market, particularly at the more affordable end of the price spectrum.

“Despite a similar drive towards inner city living, Melbourne remains a relatively tenant-friendly market with lower rents set to continue as significant numbers of new apartments are released to the market.”

Median rents for units spike, houses flat
default
lawyersweekly logo
Listen to other installment of the Real Estate Business Podcast

 

 

Subscribe to our RPM
mailing list

 

Do you have an industry update?

top suburbs

12 month growth
Queenton
69.76%
Flying Fish Point
69.61%
Point Piper
69.17%
Glenelg South
69.02%
Pretty Beach
69.01%
Bar Beach
68.9%
Northampton
68.7%
Kembla Grange
66.91%
Boomerang Beach
66.67%
Gnarabup
66.67%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.