Who are the trend setters in the Australian property market?

With cheap home loans on offer thanks to a consistently low official cash rate, the Australian property market has been booming in certain pockets lately.

The latest Rental Report for the March Quarter 2014 was released by Australian Property Monitors in April and highlights who the key players are across the country. 

Those wanting to make the most of the existing mortgage rates and buy a second property as an investment may wish to pay attention to the report, which shows some interesting trends across the country. 

Weekly house rents

Median weekly house rents in Darwin were $700 for the 2014 March quarter - the highest of any capital city.

Darwin's house rents have remained stable year-on-year and quarter-on-quarter. 

The lowest median weekly house rents were in Hobart ($310). This figure is a 3.1 per cent decrease year-on-year to 2014's first quarter. 

Weekly unit rents

Darwin also rose to the top for the highest unit rents, with a figure of $563. 

While this shows a 1.3 per cent quarterly decline, unit rents have increased by an impressive 7.1 per cent year-on-year to the March quarter. 

In second place came Sydney, with unit rents climbing to $490 for the March quarter, almost as high as house rents ($500).

The lowest median weekly unit rent figure was awarded to Hobart, where weekly rents were just $250.

Best yields for houses
Hobart showed the strongest yields for houses (5.96 per cent), with 12.2 per cent yearly growth and a quarterly increase of 5.9 per cent.
 
Yields for the remaining capital cities fell within a range of 4.29 per cent (Melbourne) and 5.25 per cent (Darwin).

Best yields for units

Those considering purchasing an investment property may wish to turn their attention to Melbourne. 

Units in the city had gross rental yields of 4.86 per cent. While the highest figure went to Darwin (5.94 per cent), growth in yields was very strong in the Victorian capital, with quarterly growth of 5.6 per cent.

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