Property investors are seeing rents rise across Australia, though at a slower pace than at the same time last year, according to the latest quarterly rental review from CoreLogic.
Although the second quarter of the year is historically a slower period for rental growth and appreciation than the seasonally strong first three months of the year, CoreLogic research analyst Cameron Kusher said that softer rental growth than the same two quarters of last year highlights the slowing rental growth across the nation.
“With rental stock continuing to rise as off-the-plan unit settlements continue, it is anticipated that the softening rental growth will continue over the coming.” – Cameron Kusher
According to the CoreLogic Quarterly Rental Review for June 2018, rents remained unchanged in June, though they were 0.3% higher over the second quarter of 2018, and 1.8% higher over the same period in 2017, when rents climbed by 0.7%.
Across the nation, the median rent was found to be $429 per week, made up of $427 for houses and $434 for units. In the capital cities, the median rent was $462 per week, from $464 for houses and $458 for units. In regional areas, rents for both houses and units averaged $356 per week.
The capital city that experienced the highest rental growth was Hobart, where rents increased by 1.9% over the quarter, and by 10.7% over the past 12 months. Despite this growth, Hobart was found to have some of the lowest average rents across all the capitals, at just $418 per week, with cheaper average rents being found only in Perth ($377) and Adelaide ($375).