Monthly rental analysis from CoreLogic RP Data shows that rental rates across Australia’s combined capital cities fell by -0.2% in June 2015, and with the annual rate of recording record lows.
Across the combined capital cities:
- Rental rates are recorded at $487 per week and they have fallen by -0.2% over the month, are unchanged over the past three months and have increased by 1.1% over the past 12 months
- The 1.1% annual rise in capital city rents is the slowest rate of growth on our records which date back to December 1995
CoreLogic RP Data research analyst Cameron Kusher noted that as a result of the ongoing dwelling construction boom, the sluggish pace of rental appreciation continued across Australia’s capital cities. “In particular, a high proportion of the inner city unit development is being targeted by domestic investors and foreign purchasers,” he said.
Across the individual capital cities over the past year:
- Sydney and Hobart have recorded the greatest increases in weekly rents
- Over the past three months rents are lower in all cities except for Sydney, Melbourne and Canberra
- Sydney and Melbourne are recording relatively stronger rental growth despite a large surge in new supply and high levels of investment purchasing
- Sydney & Hobart recorded the greatest annual increases in weekly rents while rents in Perth, Darwin & Canberra continue to decline.
- Combined capital city rental rates fell by -0.2% in June
- The rate of rental growth is slowing and continues to rise at its slowest annual rate on record
- Combined capital city rental rates are recorded at $487 per week
- Rents rose by 0.1% over the quarter & 1.1% over the past 12 months
- With home values growing faster than rents, gross rental yields are at a record low level and continue to edge lower
© 2015 Copyright RP Data Pty Ltd, Local, State, and Commonwealth Governments.
The information provided in this publication is current as at the publication date only.
This publication is supplied on the basis that while rpdata.com believes all the information in it is deemed reliable at the publication date, it does not warrant its accuracy or completeness and to the full extent allowed by law excludes liability in contract, tort or otherwise, for any loss or damage sustained by yourself, or by any other person or body corporate arising from or in connection with the supply or use of the whole or any part of the information in this publication through any cause whatsoever and limits any liability it may have to the amount paid to rpdata.com for the supply of such information. This publication provides general information only – it is not intended as advice and should not be relied upon as such. The material has not been prepared by taking into account your investment objectives, financial situation or personal needs. You should make your own inquiries and if necessary take independent financial advice tailored to your specific circumstances before making any investment decisions.