Rents defy housing downturn
Rents increased one per cent around the country in the first three months of the year, says CoreLogic.
Rents have defied the housing downturn, increasing one per cent around the country in the first three months of the year, with Hobart showing the biggest rise, according to researcher CoreLogic.
But while rents increased compared with the December quarter they slipped 0.1 per cent from a year ago, the researcher said in its first quarterly rental review.
The median rent reached $465 a week in the capital cities and $378 a week across regional areas.
“This seasonally strong first quarter has delivered the highest increase in weekly rents since the corresponding first quarter a year ago,” said CoreLogic research analyst Cameron Kusher.
“Our regional housing markets are performing marginally better than the capital cities, many of which have been experiencing weaker rental market conditions in recent years due to excess housing supply.”
Quarterly rents increased in all capital cities, except Sydney and Darwin.
In Hobart weekly rents rose 3.6 per cent in the last quarter to $435, and increased 5.4 per cent in the last year.
“However, with a median rent of $582 per week, Sydney remains Australia’s most expensive city for tenants by far,” Mr Kusher said.
Sydney’s weekly rents increased 0.5 per cent during the quarter but fell 3.1 per cent compared with a year ago.
Melboune’s weekly rent reached $454, up 1 per cent for the quarter and 2.1 per cent for the year.
Brisbane’s rents increased 0.8 per cent to $436 a week, up 1.4 cent in the past 12 months.
Perth was the most affordable capital with a median weekly rent of $385, up 1.8 per cent for the quarter and 2.1 per cent for the year.
Falling housing prices have helped push up rental yields, which have risen nationally to 4.1 per cent in the first three months of the year, compared with 3.95 per cent in the previous quarter and 3.77 per cent a year ago.
Darwin has the highest rental yield across the country at 6 per cent.
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