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According to a newly released real estate report, the June quarter saw the median house rent for Adelaide and Darwin increase, while a majority of other capital cities recorded a drop.
The Bendigo Bank Real Estate Market Facts report has revealed over the June quarter the median house rent for three-bedroom houses rose in Adelaide and Darwin. However, rents remained unchanged in Sydney, and the rest of the capital cities experienced falls.
The largest decrease was seen in Hobart, down by 5.7 per cent.
Compared to the same quarter in 2013 Sydney saw the biggest jump, up by 7.1 per cent, while Perth and Canberra were the only capital cities to record decreases, down by 4.2 per cent and 4.4 per cent respectively.
Over the June quarter, the median rents for two-bedroom other dwellings increased by 3.7 per cent in Hobart – the biggest jump across the capital cities.
Melbourne saw the largest drop, down by 5.3 per cent.
Compared to the June quarter of 2013, the 5.3 per cent increase in Sydney was the largest, while Canberra had a 9.8 per cent fall.
Over the June quarter, Adelaide saw the vacancy rate tightening by 0.1 per cent, while no change was recorded in Melbourne.
At 1.8 per cent vacancy rate, Sydney had the tightest rental market, and with a rate of 4.4 per cent Darwin had the highest vacancy rate across the capitals.
The weighted average vacancy rate for the eight capital cities was 2.6 per cent during the second quarter of 2014.
Source: Bendigo Bank
Source: Bendigo Bank
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