Aussie rental prices a mixed bag

Home rental prices increased in the year to June but the story varied across capital cities, with weakness in Canberra and Perth.

Residential and commercial buildings in Sydney

National home rental prices increased by 2.6 per cent in the year to June, new data shows. (AAP)

Rents are on the rise across most of the country.

A review by property analytics business RP Data shows national house rents increased by 2.6 per cent in the year to June.

But, the story varied across capital cities, with prices in Perth and Canberra decreasing by five and 3.9 per cent respectively.

Report author Cameron Kusher told AAP employment instability in both cities had contributed to the falls.

He also said a large number of first home buyers in Perth and unit construction in Canberra had driven down demand for rental houses.

Most other cities saw rental prices rise.

Sydney, where prices rose by four per cent, was the star performer.

Some regional markets saw growth for the first time in six years as workers began leaving mining and resource areas and headed back to coastal towns.

"There's been sizeable falls in the mine and resource towns," Mr Kusher told AAP.

"We're starting to see some growth in some of the areas linked to the coastal and lifestyle markets after those markets have seen no growth for the best part of five or six years".

Unit rents remained stagnant nationwide but grew in by 1.2 per cent in capital cities over the last quarter.


Share

2 min read

Published

Updated


Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Download our apps
SBS News
SBS Audio
SBS On Demand

Listen to our podcasts
An overview of the day's top stories from SBS News
Interviews and feature reports from SBS News
Your daily ten minute finance and business news wrap with SBS Finance Editor Ricardo Gonçalves.
A daily five minute news wrap for English learners and people with disability
Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS
SBS World News

SBS World News

Take a global view with Australia's most comprehensive world news service
Watch the latest news videos from Australia and across the world