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Slump shows no sign of ending for resources capitals
Property investors in Perth and Darwin are continuing to feel pain, new data has revealed.
During the past year, the average weekly rent in Perth has fallen 5.1 per cent for houses and 7.1 per cent for units, according to SQM Research (see tables below).
Darwin has also gone backwards – by 3.8 per cent for houses and 7.8 per cent for units.
Rents, as well as property prices, have been trending downwards in both capital cities over the last couple of years.
Hobart, though, has continued to go from strength to strength, with rents jumping 14.5 per cent for houses and 11.1 per cent for units.
Hobart also enjoyed the strongest property price growth of any capital in the year to August, according to CoreLogic.
Average weekly rent – houses
| Region | Rent | Monthly change | Annual change |
|---|---|---|---|
| Sydney | $733.20 | 0.6% | 3.3% |
| Melbourne | $507.50 | 0.0% | 4.6% |
| Brisbane | $446.10 | 0.3% | 0.7% |
| Perth | $413.80 | -2.1% | -5.1% |
| Adelaide | $376.60 | 0.4% | 2.7% |
| Hobart | $384.80 | 4.2% | 14.5% |
| Canberra | $566.10 | 1.1% | 6.8% |
| Darwin | $546.10 | 3.2% | -3.8% |
| All capitals | $549.00 | 0.4% | 2.4% |
| Australia | $425.00 | 0.0% | 1.2% |
Average weekly rent – units
| Region | Rent | Monthly change | Annual change |
|---|---|---|---|
| Sydney | $518.70 | -0.2% | 2.3% |
| Melbourne | $399.90 | 0.2% | 5.4% |
| Brisbane | $367.20 | -0.3% | -1.2% |
| Perth | $322.70 | -1.5% | -7.1% |
| Adelaide | $290.90 | -0.3% | 2.5% |
| Hobart | $314.00 | -3.9% | 11.1% |
| Canberra | $425.30 | 1.4% | 4.2% |
| Darwin | $402.10 | -1.7% | -7.8% |
| All capitals | $438.00 | 0.0% | 1.9% |
| Australia | $348.00 | -0.3% | 2.7% |
Disclaimer
This article is over two years old, last updated on September 13, 2017. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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