Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
subscribe to our newsletter

Rentals remain ‘fairly stable’ across most cities

Vacancy rates across capital cities are “tight” despite a “glut of new developments”, however the overall national supply of rental properties remains “fairly stable”, a report has revealed.

A quarterly Domain Rental Report for September noted that while some capital city markets recorded a small 0.6 per cent vacancy, there was “little to no fluctuation in rents” across most cities.

House rents across Sydney, Melbourne, Brisbane, Adelaide and Darwin remained steady, with only Canberra experiencing a 0.5 per cent increase to a median rental of $475 a week.

Advertisement
Advertisement

Similarly, unit rents across Sydney, Melbourne, Brisbane and Canberra were also “holding steady”, with only Adelaide experiencing an increase of 1.8 per cent over the quarter, recording a median rental of $290 per week.

The report noted, however, that both housing and unit rents decreased in cities such as Perth and Hobart, despite Hobart returning the highest gross yields for investors at 5.65 and 5.86 per cent in both markets.

Sydney, in comparison, returned the lowest yields over the quarter at 3.41 and 4.07 per cent for houses and units, despite the city remaining “one of the most expensive capitals for house and unit rentals”, recording a median house rent of $530 and a unit rent of $525 per week.

“Overall, it’s been a steady quarter with most capital cities recording stable rental outcomes,” said Domain senior economist, Andrew Wilson.

“Vacancy rates have remained tight generally despite the number of new developments, indicating continuing solid demand for rental accommodation in most capitals,” he concluded.

[Related: Capital city listings rise]

Rentals remain ‘fairly stable’ across most cities
mortgagebusiness

Latest News

The economy contracted by 0.3 per cent in the March quarter, ending Australia’s 29-year period of economic expansion, with Treasurer Josh...

A 20 to 30 per cent fall in residential property prices is “unlikely” in the absence of a “second wave” of the coronavirus outbreak,...

The major bank has announced its intention to sell its New Zealand-based asset finance business, UDC Finance, for NZ$762 million ($706 milli...

FROM THE WEB
podcast

LATEST PODCAST: Property remains a stable asset despite cautious market

Do you expect COVID-19 to reduce or increase your business flows?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.