Rents continue to rise across Australia, reports the latest CoreLogic Quarterly Rent Review released for June 2018. But a slowdown has been observed in the rate of rental growth for the second quarter of the year compared to the growth recorded during the same period in 2017.
However, the trend is typical of the second quarter, which historically records a slower period for rental growth and appreciation than the seasonally strong first three months of the year.
The June 2018 report tracks the median rental price of dwellings across Australian capital cities and regions over the second quarter of the year, and measures the percentage change in rental prices on a monthly, quarterly and annual basis.
Key findings of CoreLogic Quarterly Rent Review June 2018:
Rents in June were 0.3 percent higher over the second quarter of 2018 and 1.8 percent higher over the 12 months to June 2018. However, the growth in rental prices is less than half what it was over the same period in 2017, when rents climbed by 0.7 percent.
Rental growth over the second quarter is slightly higher in the combined regions (+0.4 per cent) than in the combined capital cities (+0.3 per cent).
Rents show growth in all capital cities except for Darwin (-1.0 percent) and Sydney (-0.3 percent) – these two cities were also the only capitals to experience a fall in median rent in June. At the other end of the scale, Hobart reported the highest quarterly rental increase (+1.9 percent), followed by Canberra (+1.3 percent).
Hobart reported the highest growth in rental rates over the past 12 months (+10.7 percent), followed by Canberra (+4.5 percent).
Over the past 10 years, national weekly rents for both houses and units have increased by 25.7 percent. House rents increased by 1.9 percent over the past 12 months, while units increased by 1.7 percent.
Sydney continues to be Australia’s most expensive capital city to rent in, with a median rent of $583 per week while Perth ($377), Adelaide ($375) and Hobart ($418) are the cheapest out of all Australian capital cities.
Download the CoreLogic June 2018 Quarterly Rental Review at www.corelogic.com.au/research-news.