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There has been a lot of media talk recently surrounding the
nations ‘rental crisis’, but what do the figures actually show? The
REIA’s newly released edition of ‘Real Estate Market Facts’
reports the following:
In the December quarter 2006, median weekly rents for three
bedroom houses increased in all cities. Two bedroom other
dwellings median weekly rents increased in Perth and Darwin, but
were unchanged elsewhere. Canberra rents for 3 bedroom houses
are the most expensive in the country, while 2 bedroom apartment
rents are only just below those of Sydney, which holds the most
expensive spot for this market segment.
There has been growth over the year to December 2006 in rents
for houses and other dwellings across the country. Notably, there
was doubledigit growth in house rents in Perth over the year, and
in Brisbane and Perth for other dwellings.
It is expected that the low vacancy rates around the country and
continuing supply constraints for rental property will result in
stronger growth in median rents over the next few quarters.
A summary of median weekly rents for the December quarter can
be found in the ‘My Figures’ section of this newsletter.