AUSTRALIAN RENTAL MARKET UPDATE
The December quarter saw the average rental prices across Australia’s capital cities increase across both houses and units (apart from Darwin which had a slight decrease across Houses) according to the Domain 2021 Rental Report.
Year-on-year across the combined capital cities there has been an increase of 7.4% in rent on houses and 2.5% increase in rent on units.
Although some capitals have recognised significant increases, the Melbourne rental market has brought the averages down, mainly in part to extended COVID lockdowns.
Average Rental Increases Across Capital Cities
State By State Summary
New South Wales - Sydney
House rents in Sydney increased $20 in the December Quarter and $50 Year on Year which is the largest annual increase since 2009.
Unit rents increased 4.3% Year on Year which is the first time in almost 4 years that there has been positive annual growth.
Queensland - Brisbane
House rents increased $20 to an all time high of $480pw. The increase of 4.3% in the December quarter is the largest increase in rents in almost 15 years.
Unit rents also hit an all time high of $420pw in the December quarter.
South Australia - Adelaide
Both House and Unit rents increased $10 per week over the December quarter hitting $450 and $360pw respectively.
Australian Capital Territory - Canberra
Canberra is the nations most expensive city in terms of average rents per week for both Houses and Units.
House rents increased 4.7% in December to $675pw
Unit rents increased to $530 pw which is a 7.1% year on year growth.
Western Australia - Perth
Both Units and House rents increased across the December quarter. Houses increased 2.2% and Units increased 2.6%.
Perth is now, for the first time the highest gross rental yielding capital city for the House market.
Tasmania - Hobart
Unit rents for Hobart rose 6.9% in the December quarter to $428pw.
House rents also reached a record high of $500pw.
Northern Territory - Darwin
Darwin was the only capital city to see a reduction in average house rents for the December quarter, a drop of 3.2%. The year on year average still remained positive at 9.1%.
Unit rents were opposite to Houses seeing a 2.1% increase in the quarter.
Looking to get the property investment conversation started?
Or, just looking to stay in the loop?
Tim Davis – Property Investment Consultant
P: (02) 9939 3249
Disclaimer: When considering purchasing a property, it's always prudent to seek the advice of an appropriately qualified professional to determine which strategy is most appropriate for your circumstance.