Brisbane’s inner city suburb of West End has recorded the nation’s best rental growth rate, according to RP Data.
Recent research by RP Data found that rents in the popular inner city suburb increased from $380 a week this time last year to a current $480 a week.
In contrast, Waverton in inner city Sydney, recorded the greatest fall in median weekly advertised rents of 13.6 per cent across 81 listings.
Waverton is a premium inner city unit market however, over the year median rents have fallen from $550 per week to $475 per week.
“Rentals have recorded lower levels of growth largely due to the fact that first home buyer demand was so strong during 2009,” RP Data research analyst Cameron Kusher said.
“This trend can largely be attributed to interest rates which are virtually at their lowest level in 50 years, as well as the first home owner’s grant boost which dramatically improved affordability. As a result, a record number of first time buyers (who were mostly previously renters) were active during 2009 which in-turn eased upwards pressure on rental rates.”