Over the first quarter of 2015, rental rates on a national basis have risen by 1.3% for houses and units, while, across the combined capital cities.
Over the first quarter of 2015, rental rates on a national basis have risen by 1.3 per cent for houses and units, while, across the combined capital cities, advertised weekly house and unit rents have risen 1.2 per cent over the three months to the end of March 2015.
Given the softer conditions recorded across the capital city rental market towards the end of 2014, rental growth over the first quarter of 2015 has been relatively strong. Advertised rents rose by 1.2 per cent for both houses and units, with house rents recorded at $435 and unit rents at $415 per week. Nationally, the rental market recorded a similar result, with advertised rents for both houses and units rising by 1.3 per cent over the three months to March 2015, bringing a typical house rent up to $400 per week and $390 per week for units.
For houses, across the individual capital cities, Melbourne (1.3 per cent), Canberra (1.1 per cent) and Sydney (1.0 per cent) were the strongest performers, each recording a rise in rents over the quarter, while Darwin (-1.6 per cent) was the only capital city detached housing market to record a fall in rents over the March quarter. The remaining four cities saw rents remain stable over the three month period.
The only unit market to see rents fall over the March 2015 quarter was Darwin, which also happens to be the most expensive capital city unit market. Darwin rents fell -5.5 per cent, a $10 decrease to a weekly rate of $630. Melbourne (2.8 per cent) and Canberra (2.6 per cent) were the strongest performers for the March 2015 quarter.
Key rental statistics to March Quarter 2015
To read the CoreLogic RP Data Quarterly Rental Review click on the Download Report button at the top left of the page.
To read the media release which includes summary notes - click here.