As shown in the chart below from Cameron Kusher, head of research at CoreLogic, housing rents in Australia’s capital cities are currently doing something that hasn’t been seen in several years.
They’re accelerating again.
According to research released by CoreLogic earlier this week, combined capital city rents increased by 2% in the year to June, a reversal of the trend seen last year where rents were actually falling.
And while from a national perspective the increase has been modest, that masks some pretty significant changes — both up and down — over the past 12 months in individual markets.
In Canberra and Hobart rents increased by 8.4% and 6.2% respectively over the past year, outpacing growth of 4.5% and 4.1% in Sydney and Melbourne, Australia’s largest and most populous cities.
Population growth in Victoria and New South Wales was the highest of any Australian state and territory in 2016, according to data released by the ABS last week.
At the other side of the spectrum, rents have fallen by 8.3% and 5.4% in Perth and Darwin, Australia’s mining capitals, while small changes were reported in both Adelaide and Brisbane.
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