Rents are falling in every state except Melbourne, according to CoreLogic RP Data rental data for the month to June 30. As more investors pile into the market, rents have risen just 1.1 percent this year, the worst result since records started in December 1995. In real terms, rents have failed to keep up with inflation and are now falling.
Rents fell the most in Darwin, collapsing 2.5 per cent in the month. Perth rents tumbled 1.1 per cent, Canberra 0.70 per cent, Hobart 0.60 per cent, Brisbane 0.5 per cent, with Sydney and Adelaide both falling 0.2 per cent. Melbourne bucked the trend rising 0.6 per cent.
The report indicated, “Sluggish rental growth is most likely due to surging investment demand, record high levels of new housing construction and a slowing rate of population growth nationally.”
» Tenants rejoice: Rents growing at slowest pace since 1995 – The ABC, 10th July 2015.