The CoreLogic Quarterly Rental Review shows national weekly rents increased by 0.3 per cent over the second quarter of 2019, led by increases in the Perth markets.
Sydney and Darwin were the only capital cities where rents declined across the June quarter, according to a new report.
CoreLogic’s Quarterly Rental Review indicates capital city rents were 0.1 per cent higher over the quarter and -0.1 per cent lower year-on-year while the regional market rents were 0.7 per cent higher over the quarter to be 1.9 per cent higher over the past 12 months.
Brisbane and Perth were the only two capitals where the annual change in rents over the past year was superior to growth over the same period in 2018.
CoreLogic research analyst Cameron Kusher said the rental market remained quite mixed overall.
“It is clear that Sydney accounts for a large share of overall renters with annual falls in Sydney leading to a fall in the combined capital city index,” he said.
“Sydney and Melbourne continue to experience the impact of heightened demand from investors over recent years along with a substantial ramp-up in new housing (largely apartment) supply, much of which was purchased by investors.
“The past year has seen a change of direction for both the Brisbane and Perth rental markets, which are now climbing again following years of decline.”
At the end of the 2018-19 financial year, national rents were recorded at $438/week.
Rental rates across the combined capital cities sat at $466/week and substantially higher than the $380/week across the combined regional markets.
Sydney remains the most expensive city to rent a property at $580/per week.
Mr Kusher said there had been a changing of the guard when it came to the most affordable city to rent.
“For many years Hobart has been the most affordable rental market,” he said.
“However, the rapid growth in rents over recent years has seen it become more expensive than Brisbane, Adelaide, Perth and Darwin and on par with the cost of renting in Melbourne.”
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