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New figures show weekly rents are on the rise in most capital cities despite falling yields across the country.
Domain has released its quarterly rental report for March 2016, noting that weekly rents have hit record levels for units in Sydney, Melbourne, Brisbane, Hobart and Canberra.
Hobart saw the biggest increase, as the median weekly rent for houses jumped 6.1 per cent year on year to $350, while units rose 1.8 per cent to $285.
In Canberra, houses rose 4.4 per cent to $470 and units climbed 1.3 per cent to $395 over the same period.
Adelaide’s houses rose 2.9 per cent to $360, while units remained unchanged at $290.
In Melbourne, houses climbed 2.6 per cent to $400 and units jumped 4.1 per cent to $380.
Brisbane’s houses climbed 2.5 per cent to $410 and units jumped 2.7 per cent to $380.
Sydney’s houses rose 1.9 per cent to $530 and units climbed 4.0 per cent $520.
In Perth, houses fell 11.1 per cent to $400 while units dropped 9.1 per cent to $350.
Darwin’s houses fell 15.4 per cent to $550 and units dropped 13.5 per cent to $450.
Domain chief economist Andrew Wilson said that despite the recent increase in home building, the foreseeable future will likely bring further upward pressure on both house and unit rents in most capitals.
“Gross rental yields for investors remained relatively steady over the March quarter, reflecting ongoing subdued price outcomes in most capitals,” he said.
In Hobart, the yield for houses rose from 5.48 per cent to 5.63 per cent, while units fell from 5.61 per cent to 5.58 per cent.
Brisbane’s house yields fell from 5.0 per cent to 4.8 per cent and units dropped from 5.12 per cent to 5.08 per cent.
In Adelaide, the yield for houses remained unchanged at 4.72 per cent, while units rose from 5.22 per cent to 5.29 per cent.
Darwin’s houses fell from 5.20 per cent to 4.64 per cent and units dropped from 5.77 per cent to 5.20 per cent.
In Perth houses dropped from 4.56 per cent to 4.33 per cent and units fell from 4.96 per cent to 4.71 per cent.
In Canberra, houses fell from 4.47 per cent to 4.39 per cent, while units climbed from 5.37 per cent to 5.63 per cent.
Melbourne houses dropped from 3.95 per cent to 3.73 per cent, while units fell from 4.59 per cent to 4.58 per cent.
Sydney houses fell from 3.77 per cent to 3.33 per cent and units dropped from 4.36 per cent to 4.07 per cent.
[Related: Weekly rents increase in most capitals]
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