Sydney and Perth rentals tracking strong in June

By the resi financial blog team, 16 September 2013

Sydney and Perth rentals up in June 2013

According to the Rental Report for June 2013 from Australian Property Monitors (APM), weekly rents for units in Sydney and Perth both experienced positive rates of growth.

Sydney units reported an increase of 2.2 per cent year-on-year, bringing the median rent to $470 per week.

Units in Perth saw a higher rate of growth at 13.3 per cent for the year, which boosted the weekly rental price up to $425.

At the same time, weekly rents for houses in Perth experienced positive growth for the year ending June, reporting a rate of 14 per cent. This has pushed the weekly rental price for a house in the state capital to $490 per week.

However, quarterly results have shown that the unit market in Perth outperformed the houses market.

Commenting on the report's findings, APM senior economist Andrew Wilson stated that the increase in rents in Perth could largely be attributed to the market suffering under the "strain of significant levels of new arrivals competing for scarce and increasingly expensive accommodation".

"Perth's current median asking weekly rental for houses at $490 is fast closing in on Sydney's $500 and on current trends is set to soon become the most expensive major capital city for tenants," said Mr Wilson.

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Categories: Property Investment