Weekly rents fall by 0.6 percent over the past year: CoreLogic

Weekly rents fall by 0.6 percent over the past year: CoreLogic
Weekly rents fall by 0.6 percent over the past year: CoreLogic

Annual rental rates are 0.6 percent lower over the past year with weekly rents across the combined capital cities falling 0.4 percent in June 2016 according to the CoreLogic June Rent Review.

CoreLogic research analyst Cameron Kusher said the large rental falls in Perth (8.6 percent) and Darwin (16.2 percent) have pulled the combined capital average lower, with rents in Brisbane (0.3 percent) and Adelaide (0.4 percent) also lower over the year.

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Weekly rents fall by 0.6 percent over the past year: CoreLogic

“It is anticipated that the weakness in the rental market will persist and where on an annual basis, we will see rents fall even further over coming months,” he said. 

"At a combined capital city level, gross rental yields were recorded at 3.2 percent for houses in June 2016 and at 4.1 percent for units, each of which are sitting at record low levels.

“A year ago, gross rental yields were recorded at 3.5 percent for houses and 4.4 percent for units across the combined capitals, indicating a fairly sharp compression of yields over the year.

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Weekly rents fall by 0.6 percent over the past year: CoreLogic

“It’s also likely that we’ll see yields compress further over the coming months. However, this will be dependent on growth in home values as well as the direction of rental rates."

CoreLogic found combined capital city rental rates are $487/week for houses and $469/week for units.

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Weekly rents fall by 0.6 percent over the past year: CoreLogic

Tags: 
Residential Property Rental market

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