Capital city unit rents increase over last quarter
A recent report from RP Data has outlined the growth of rents across the nation's capital cities. Or rather, the lack of movement. According to the Quarterly Rental report, the weekly rental amount for homes in Australia's capital cities have remained steady over the last three months. Overall, the capital city rental rates for detached houses remained at $430 per week for the three-month period ending June 30.
On the other hand, unit rent prices across Australia's capital cities rose by 1.2 per cent up to a median weekly rent of $420.
Across the country, house rents rose by 1.3 per cent to $400 a week, while units remained steady at $390. As capital city markets continue to grow, now could be the perfect time to consider taking out a home loan and purchasing apartments in new developments, especially ahead of the incoming population boom.
Houses in Sydney, Brisbane, Adelaide, Darwin and Canberra all saw no rises in asking house rentals, while Melbourne (1.3 per cent), Perth (1 per cent) and Hobart (1.5 per cent) all saw decreases in the rental prices during the three-month period.
However, units in Sydney and Melbourne both saw considerable rises over the quarter. recording a 2 per cent and 1.4 per cent increase in apartment rental prices, respectively.
RP Data report author Cameron Kusher said more people were beginning to move into the real estate market rather than remaining tenants, which has been spurred on by the low interest environment.
"The quarterly slowdown in rental growth is reflective of the growing demand for housing highlighted by increasing sales volumes which in-turn eases the upwards pressure on rental rates," said Mr Kusher in a July 10 statement.
Now could be the perfect time to consider purchasing your own capital city apartment heading into the future, with a wide range of different financial options available to facilitate these goals.
Image credit: Sam Ilic