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Tenants stung with double-digit rent hikes
Landlords in Melbourne and Hobart have massively increased the advertised rents on their investment properties.
The average weekly rent being asked for Melbourne houses jumped 22.8 per cent over the year to 25 July, while it rose 13.7 per cent for Hobart houses, according to SQM Research.
Rents being asked for units also grew significantly – by 10.7 per cent in Melbourne and 17.5 per cent in Hobart (see tables below).
Australia’s other capital cities experienced a mix of rental conditions.
Price expectations surged in Sydney and Canberra, increased roughly in line with inflation in Brisbane and Adelaide, and slumped in Perth and Darwin.
The data also showed that Sydney and Melbourne are the most expensive capital cities in which to rent, while Hobart and Adelaide are the cheapest.
Average weekly rents being asked for houses
| Region | Weekly rent | Monthly change | Annual change |
|---|---|---|---|
| Sydney | $1,329.10 | -1.9% | 11.6% |
| Melbourne | $931.20 | 0.5% | 22.8% |
| Brisbane | $606.90 | 0.4% | 3.2% |
| Perth | $660.60 | -0.5% | -4.6% |
| Adelaide | $504.90 | -0.9% | 2.9% |
| Hobart | $461.30 | 0.3% | 13.7% |
| Canberra | $727.90 | 1.2% | 14.5% |
| Darwin | $606.20 | -0.2% | -3.5% |
| Capital cities | $934.20 | 2.3% | 11.9% |
| Australia | $548.20 | -0.7% | 9.4% |
Average weekly rents being asked for units
| Region | Weekly rent | Monthly change | Annual change |
|---|---|---|---|
| Sydney | $698.30 | 0.1% | 5.1% |
| Melbourne | $502.20 | -0.5% | 10.7% |
| Brisbane | $382.40 | 0.1% | 1.8% |
| Perth | $400.80 | -1.0% | -7.8% |
| Adelaide | $297.60 | 0.8% | 1.5% |
| Hobart | $308.00 | 0.1% | 17.5% |
| Canberra | $384.00 | 0.4% | 4.8% |
| Darwin | $418.20 | -0.2% | -9.5% |
| Capital cities | $556.60 | -0.5% | 4.8% |
| Australia | $361.40 | -0.5% | 4.1% |
Disclaimer
This article is over two years old, last updated on July 26, 2017. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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