In recent weeks we have heard claims from property management companies saying rents are surging and will continue to do so. One company even claimed double digit rises.
The only trouble is, these claims are not supported by actual figures from Australian Property Monitors (APM). The median weekly asking rents for houses either made no ground or fell in every state of Australia for the September quarter. Nationally, this saw rents fall 0.2% for houses.
Sydney, Melbourne, Brisbane, Perth, and Darwin all recorded no rental growth for the quarter. Rents fell in Hobart by 1.6 percent, Canberra 2.1 percent and Adelaide 2.9 percent.
The unit market was not much better, recording a 1.1 percent rise due only to a 2.2 percent rise in Sydney’s unit rents. The Sydney unit market was the only segment to record rent rises, with units in Melbourne, Brisbane, Adelaide, Perth and Darwin recording no gains. Rents fell 2.3 percent in Canberra and 6.0 percent in Hobart.
Once again, these figures, along with surging housing stock on the market and falling building approvals don’t bode to well for a country with a so called chronic shortage of houses.
» September 2011 Rental Report – Australian Property Monitors