The performance of Australia’s rental market is revealed in RP Data’s Quarterly Rental Review, with varied results around the country.
Nationally there hasn’t been a great deal of change to rental prices over the three months to June 2014, however the last 12 months have seen more substantial fluctuations.
While some cities have surged ahead, others have suffered sharp declines. Here’s a closer look at rental price activity across the country’s capital cities over the 12 months to June 2014.
House rentals rose in all regions except Fairfield-Liverpool where rents remained unchanged at $450 per week. The biggest rise was in Lower Northern Sydney where rents increased by 10.4 per cent to $900 per week.
For units, Outer Western Sydney was the only market where rents fell (-2.9 per cent). The Northern Beaches (5.6 per cent) and Inner Sydney (5.5 per cent) experienced the strongest rental increases.
The biggest rises in house rents were recorded in Moreland City (10.5 per cent) and Boroondara City (8.3 per cent), while Eastern Outer Melbourne (no change) and Inner Melbourne (0.8 per cent) had the smallest changes.
House rents in Ipswich City, Pine Rivers and Southeast Outer Brisbane remained steady while all other regions increased from between 1.9 per cent (Inner Brisbane) and 4.3 per cent (Northwest Inner Brisbane and Southwest Inner Brisbane).
Units in Redcliffe (3 per cent) and Caboolture (2.7 per cent) experienced the strongest rents growth across Brisbane, while Redland City was the only region to record a fall in unit rents (-1.7 per cent).
House rents in Southern Adelaide fell by -2.9 per cent, while Northern Adelaide rents increased by 3.3 per cent.
Unit rents increased across Adelaide, with Eastern Adelaide and Western Adelaide’s rents growing the most at 3.1 per cent and 3.4 per cent respectively.
Rent falls in Perth have been experienced for both houses and units, with Central Metropolitan Perth experiencing the biggest drops of 6.3 per cent and 8.3 per cent for houses and units respectively. South East Metropolitan units were the only ones to maintain the same rents from the previous year.
Palmerston-East Arm house rents experienced the largest increase, rising by 5 per cent to $630 per week. The most populated unit market, Darwin City, recorded the strongest rents growth of 5.6 per cent to $570 per week.
Canberra experienced blanket falls in rents over the last 12 months, however the last quarter has started to show signs of improvement. House rents in the last quarter increase in Gungahlin (4 per cent), North Canberra (2 per cent) and Woden Valley (1.9 per cent).
House rents around the country remained steady, with the exception of Burnie-Devonport (4 per cent), Lyell (7.1 per cent) and North Western Rural (6.5 per cent) which all increased. Burnie-Devonport also experienced the strongest increase in unit rents of 4.8 per cent.
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