unsteady rental market

The unsteady Australian rental market

Rental prices have increased nationwide, and a few surprising cities are among the top five most expensive markets.

Despite a 2.7 per cent fall in prices in the last 12 months, Sydney remains the most expensive capital to rent, with a median weekly cost of $580.

Hobart has recorded the most significant leap in lease prices in the previous 12 months at 4.7 per cent, while Darwin recorded the biggest fall by precisely the same percentage.

The median weekly rent is $438 – $466 from the joint capital cities, and $380 across regional areas.

CoreLogic’s quarterly lease review revealed that Australia-wide, weekly rent increased by 0.3 per cent in the second quarter of 2019, a significant drop from the previous quarter’s growth of one per cent.

However, much of the growth is outside metropolitan areas, with capital city lease prices 0.1 per cent lower year on year.

In regional areas, lease prices have climbed 1.9 per cent in the previous 12 months.