Tenants wanting to settle into new digs for the new year are in a better position than ever
THE good news for tenants wanting to settle into a new home in the new year is that rental growth has ground to a halt. See where it is cheapest.
IF you are looking to find a new rental property now is the time, with new figures revealing rental growth has stagnated and gone backwards in many capital cities.
Nationally rents have only increased by 0.3 per cent compared to the same time last year.
The only capital cities to experience growth in rents during that period were Sydney, Melbourne and Hobart.
Sydney was the most expensive capital city to rent in, where the average rent was $595 a week - up 1.9 per cent on the same time last year.
It’s become substantially cheaper to rent in Darwin where the average rent was $510 a week - which was down 13.3 per cent on the same time last year
In Perth the average weekly rent was $445 - down 8 per cent.
Melbourne’s average weekly rent was $450 which was 2.2 per cent higher than this time last year, while Brisbane was $431 a week, which was down 0.3 per cent on last year.
In Adelaide the average weekly rent was $364 down 0.2 per cent and in Hobart it was $338, up just 0.6 per cent.
CoreLogic RP Data research analyst Cameron Kusher said the results showed that 2015 had been a “lacklustre’’ year for rental growth.
He said while it wasn’t exactly the news that investors wanted to hear it was good news for those looking for a rental property.
"We've never seen rental growth as sluggish as it is at the moment,’’ he said.
And Mr Kusher predicts it is a sign of more pain to come for landlords with an increase in supply of new housing stock and a slow down in migration, certain to have an affect on rental rates.
“We envisage that growth in rental rates is likely to remain weak or potentially slow even further over the coming months,’’ he said.
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