CoreLogic quarterly rent review shows Canberra remains the most expensive capital for renters | Canberra Times

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Canberra remains the most expensive rental market in the Australian capital after a 2.1 per cent increase in rental prices in the last quarter of 2021. CoreLogic’s latest rental review showed that Canberra’s median rent, across both houses and units, is now $ 651. Rent in Canberra rose 0.8 for the month of December and 8 percent over the previous 12 months. MORE PROPERTY NEWS: The quarterly increase in rent was among the highest in the country and exceeded the national growth of 1.9 per cent. The average rental property in Canberra is almost $ 50 more expensive than Sydney, where the average home costs $ 605 per person. week. Darwin and Hobart are included at $ 561 and $ 521 per share, respectively. week, while Adelaide is the most affordable capital for median rent at $ 447 per week. week. The figures show that Canberra is the most expensive capital for both houses and units. The rent for a typical house in the capital will now put Canberrans back $ 714 a week, while a typical unit costs $ 541 a week. Across the country, quarterly rent increases were recorded in all capitals and regional areas, culminating in the highest calendar year of rental growth since 2007. CoreLogic’s research director Tim Lawless said demand for detached houses and lack of supply had contributed to the record growth. “For more than 18 months, we have seen the demand for detached homes continue undiminished as more tenants work from home, either on a permanent or now hybrid work arrangement, driving the demand for more spacious housing conditions,” he said. “In addition to this trend, investors, while still active in the market, have been exacerbated by an over-representation of owners entering the market, upgrading or buying holiday homes that are not being added to the rental pool.” This is also played out in the rapid growth in regional rental markets. “Gross rental yields hit a new record low in December across the country, as growth in home values ​​exceeded rent increases. As national home values ​​rose 3.9 percent in the fourth quarter of 2021, rental values ​​rose 1.9 percent, leading to a national gross rental yield of 3.22 percent This time last year, the national gross rental yield was 3.71 percent. In Canberra, the current gross rental yield across all housing types is 3.76 percent compared to 4.47 percent 12 months ago CoreLogic analysts said that factors such as international border closures, disruption of employment in tourism and hospitality, which include a high proportion of tenants, have disadvantages reprimped dividends. Our journalists work hard to deliver local, up-to-date news to the community. Here’s how you can continue to access our trusted content:

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