Rents remain on the upswing in second quarter

Rents across the country are rising, but at a slower pace than they were a year ago, according to the latest Quarterly Rental Review by CoreLogic.

The June 2018 report tracks median rental price of dwellings, and measures the percentage change in rental prices on a monthly, quarterly, and annual basis. The report also tracks rental yields across the combined capitals and regional housing markets.

“The first two quarters of 2018 have seen softer rental growth than the same two quarters of last year, highlighting the slowing rental growth across the nation. With rental stock continuing to rise as off-the-plan unit settlements continue, it is anticipated that the softening rental growth will continue over the coming months,” CoreLogic research analyst Cameron Kusher said in a statement.

Change in rents
Rents across the nation remained unchanged in June. However, they were 0.3% higher over the second quarter of 2018 and 1.8% higher over the last 12 months to June 2018. Rent growth prices in 2017 climbed by 0.7%.

Region Median rent June 2018 Quarter 12 months
Adelaide $375 0.2% 0.4% 2.2%
Brisbane $435 0.1% 0.3% 1.2%
Canberra $536 0.3% 1.3% 4.5%
Darwin $464 -0.6% -1% -1.7%
Hobart $418 0.4% 1.9% 10.7%
Melbourne $447 0.3% 0.9% 3.1%
Perth $377 0.0% .3% -0.2%
Sydney $583 -0.2% -.3% .1%
Combined regions $356 0.0% 4% 3.1%
Combined capital cities $462 0.0% 3% 1.4%

 

Change in yields
Rental yields across the country have increased by 0.6% over the past year to 3.7%.

Region Current 12 months
Adelaide 4.2% 4.2%
Brisbane 4.4% 4.4%
Canberra 4.5% 4.5%
Darwin -1.7% 5.4%
Hobart 4.9% 5.1%
Melbourne 3.0% 3%
Perth 3.9% 4%
Sydney 3.2% 3.1%
Combined regions 4.9% 5%
Combined capital cities 3.4% 3.3%

 

From MPA Magazine

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