Rents hit record highs in most Australian capital cities: Domain

Rents hit record highs in most Australian capital cities: Domain
Rents hit record highs in most Australian capital cities: Domain

 

The latest Domain Rental Market Report has noted median weekly house rents across Melbourne Adelaide, Hobart and Canberra are at record high and predicts the worst is yet to come for the Perth housing market. 

Domain Senior Economist, Dr. Andrew Wilson, said Sydney house rents were steady, with even a drop in median unit rents.

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Rents hit record highs in most Australian capital cities: Domain

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Rents hit record highs in most Australian capital cities: Domain

"While unit rents remained steady overall, higher unit vacancy rates are providing more choice for tenants in most capitals,” he said.

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Rents hit record highs in most Australian capital cities: Domain

“Most capital cities have seen an increase in median weekly rental prices over the December quarter. Melbourne, Adelaide, Hobart, and Canberra were the standout performers in terms of housing rental market growth while Sydney saw a steadying of house rents and even a drop in median unit rents. 

“Sydney unit rents fell for the first time in more than three years reflecting significant numbers of new apartments entering the market. Sydney house rents, however, remain at record levels – and with the already low vacancy rates still falling there is no relief in sight for tenants."

He said Melbourne house rents have continued to soar to new record highs with low vacancy rates signalling that tenants can expect more increases to come.

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Rents hit record highs in most Australian capital cities: Domain

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Rents hit record highs in most Australian capital cities: Domain

"Melbourne unit vacancy rates, however, are increasing with new apartment stock surging,” he said. 

“It’s a good news story for Brisbane tenants with house rents remaining steady for two years straight and vacancy rates still rising for both houses and units."

VACANCY RATES

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Rents hit record highs in most Australian capital cities: Domain

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Property News Rental market

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