Rent rises across Australia have slowed to their lowest pace on record, according to the CoreLogic RP Data review for May.
“Good news for those looking to rent,” says report author Cameron Kusher.
Across the capital cities, rental rates rose just 0.1% over the month, 0.6% over the past three months and by 1.5% over 12 months.
Sydney, up 3.1%, and Hobart, up 3.2%, recorded the greatest rises in the 12 months to May. Rent dropped 4.5% in Perth, by 5.5% in Darwin and by 0.6% in Canberra.
Here’s the full city by city breakdown:
According to Kusher, the annual rate of rental growth is now the slowest on record.
He says the sluggish rental appreciation is likely down to the boom in housing construction plus a record number of investors in the property market.
Business Insider Emails & Alerts
Site highlights each day to your inbox.