๐ฅ๐ฒ๐ป๐๐ ๐ฆ๐๐ฟ๐ด๐ฒ, ๐ฏ๐๐ ๐ฃ๐ฎ๐ฐ๐ฒ ๐ผ๐ณ ๐๐ฟ๐ผ๐๐๐ต ๐ถ๐ ๐ฆ๐น๐ผ๐๐ถ๐ป๐ด
House rents have now increased for ten consecutive quarters and unit rents nine, both records, according to Domain.
Across the capital cities, rents increased by 13.2% for houses and a staggering 23.7% for units (see table) in the year to September. That said, the quarter-on-quarter statistics suggests rent growth is slowing.
โIt is unusual for rent gains to decelerate when Australiaโs vacancy rate is at a record low, overseas migration is strong and rental supply is constrained,โ Domain said.
โThe slowing rental growth suggests an affordability ceiling is being reached as strained tenant budgets cannot keep pace with escalating rents and living costs. These dynamics are likely to have led to a reconsideration of house shares or opting for a more affordable location, property type or size.โ
Subiaco finance brokers are here to help
Interest rate rises are here, but you donโt have to fear with the right broker on your side.
The team at Sonam Capital are here to empower you through financial knowledge. Weโll take the time to get to know you and your unique situation and speak in a language you can understand, with strategies you can implement for the best possible outcomes.
Nick, Wayne and Amanda at Sonam Capital are your Subiaco finance specialists.
