According to the Australian Property Monitors’ Rental Price Series Quarterly Report, unit rental prices in Australia rose by 2.3% throughout the March 2011 quarter, reflecting high demand in most of the capital cities.
In Sydney, median asking rents for houses rose 1.0 per cent to $485, while units jumped 2.3 per cent to $450 per week. Adelaide, Perth and Canberra also recorded growth in house rental prices, with Adelaide and Canberra leading the pack with increases of 3.0 and 2.2 per cent respectively.
In particular, demand for units in Darwin, Canberra and Melbourne has seen prices rise above the national trend.
“Renters should prepare for significant growth in rental prices throughout 2011, driven by accelerating economic activity, housing shortages and a depressed first homebuyer market,” APM’s senior economist Andrew Wilson said.
“Units in particular have seen a major shift in demand, with chronically low vacancy rates for inner-city residences in most capitals intensifying competition amongst prospective tenants for available properties.”
In Sydney, median asking rents for houses rose 1.0 per cent to $485, while units jumped 2.3 per cent to $450 per week. Adelaide, Perth and Canberra also recorded growth in house rental prices, with Adelaide and Canberra leading the pack with increases of 3.0 and 2.2 per cent respectively.
In particular, demand for units in Darwin, Canberra and Melbourne has seen prices rise above the national trend.
“Renters should prepare for significant growth in rental prices throughout 2011, driven by accelerating economic activity, housing shortages and a depressed first homebuyer market,” APM’s senior economist Andrew Wilson said.
“Units in particular have seen a major shift in demand, with chronically low vacancy rates for inner-city residences in most capitals intensifying competition amongst prospective tenants for available properties.”
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