Darwin recorded a staggering 10% increase in house rents for the March quarter, and nearly 15% for the year as demand continue to outpace supply.
Melbourne also recorded a strong month with rents rising for the first time in 18 months. Median house rents in Melbourne rose 3% to $370 while Brisbane recorded a 1.4% increase to $365 per week according to Australian Property Monitors (APM). Sydney recorded no growth with median house rents remaining steady at $460.
National rents rebounded by 1.5% in the March quarter following a stagnant 12 months that saw flat rental growth across many markets across the country.
"Over the last five years, rental growth for most of the major capitals averaged 6-7% for houses, and 7-10% for units. As the economy continues to improve as the year progresses, rents are expected to get back to and exceed those longer term levels of annual growth," said APM economist Matthew Bell. "Australia is suffering from a relatively low supply of new properties being built which provides no relief for the current low vacancy rates. The nation's population continues to grow at historically high levels with the resulting strong demand for property forcing prices higher."
Collections: Mortgage News