Decline in house rents largest on record

By Staff Reporter

Rental rates are continuing to fall across the combined capitals despite annual growth in some markets, new figures show.

A report from CoreLogic revealed that rental growth for houses and units are at its slowest pace on record.

Darwin recorded the biggest decreases in weekly rents as houses dropped 12.9 per cent over the past 12 months, while units fell 30.0 per cent.

In PerthPerth, TAS Perth, WA, house rental fell by 8.7 per cent to $435 per week and units decreased by 7.6 per cent to $393.

Adelaide’s house rental rates fell 0.4 per cent $37, while units dropped 0.8 per cent to $315.

In Brisbane, houses decreased 0.2 per cent to $435 and units fell 0.8 per cent to $408.

Sydney’s houses saw a dip of 0.3 per cent to $611, while units climbed 2.8 per cent to $550.

In Melbourne, houses rose 1.7 per cent to $466 and units increased 1.4 per cent $410.

Canberra’s houses increased 1.9 per cent to $516 and units rose 2.2 per cent to $411.

Hobart’s house rental jumped 3.6 per cent to $358 and units climbed 14.5 per cent to $342.

Across the capital cities, houses fell 0.9 per cent to $487, while units rose 1.5 per cent to $469

CoreLogic noted that the rental market weakness will persist and rents will continue to fall in the coming months.

“The factors forcing rental rates lower include: the softest wages growth on record, relatively high levels of housing investment following record highs recently, historically high levels of new construction (most of which are units which are more than twice as likely to be rented) and the slowing of population growth which creates less overall demand for housing,” the report said.

“The combination of all these factors means that landlords have little scope to increase rents.”

Thank you.

Your enquiry has been sent to a local Aussie Mortgage Broker.

We will be in contact with you shortly.

error occurred.
Unfortunately Aussie cannot attend to your home loan related enquiry at this stage as you must be a citizen or permanent resident.
Do you need help finding the right loan for your investment?
What Aussie do for you:
  • Give expert mortgage advice to help you find great investment loan deals
  • Help you maximise return by lowering financing costs
  • Save you time and effort by helping with the paperwork
First name
Last name
Mobile Number
Are you an Australian Resident?
promoted stories

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
BLUE BAY 49.18%
Decline in house rents largest on record
SPI logo