Inner-Melbourne Rents Up More Than 30%
The gap between house and unit rents is tightening across the country.
2 min
While the tightening grip of a rising rental market is not new, the rate of the pricing surge for apartment rents continues, up 10% nationwide in the 12 months to June. It marks the first double-digit growth for the sector according to the latest data from CoreLogic.
Inner-city apartments across Melbourne and Sydney led the biggest rental gains as West Melbourne, Docklands and Southbank ascended by more than 31%.
Sydney also saw the median rents for apartments in Ultimo, Zetland and Haymarket jump sharply by 19.4%, 17.2% and 18.7% respectively.
Apartment rents outperform houses nationwide over the past three months by 3.5% and 2.7% respectively as tenants seek out affordable options according to CoreLogic research analyst Kaytlin Ezzy.
“Rental demand across the medium and higher density segment has surged throughout the first half of the year, partially driven by worsening affordability in the house sector,” Ms Ezzy said.
“Since March 2020 house rental values have increased at nearly twice the rate of unit rental values with the gap blowing out to 13.5 per cent in December 2021.
“It’s likely the gap in rental values will narrow further as rental demand continues to shift towards relatively more affordable higher density properties.”
Rental prices rose across all capital cities in the latest quarter and year on year and are tipped to continue to rise as demand continues. Median rents for Sydney houses rose by 2.5% and units by 3.7% over the quarter. This is compared to house rents climbing by 9/3% and units by 10.3% in the past 12 months.
Melbourne saw its median house rent lift by 2.4% and units by 3.7% in the past three months and house rents 5.2% and 10.9% for units in the past 12 months. Adelaide saw the country’s largest rental rises with houses up 4.4% and units up 3.9% over the last quarter.
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3 min
There’s no shortage of design inspiration online but nothing beats the joy of spending an afternoon immersing yourself in a good interior design book. Edited, carefully curated and, above all, designed, these titles take you behind the scenes of some of the world’s most beautiful interiors in a considered way. Think of it like the difference between listening to a few tunes on Spotify versus releasing a thoughtfully crafted studio album. We’ve assembled our top six of interior design books on the market right now for your viewing and reading pleasure.
1. Interiors beyond the primary palette
Step inside the world of award-winning interior design duo Juliette Arent and Sarah-Jane Pyke in this, their first compendium of their work. A ‘best of’ over more than 15 years working together, it’s a masterclass in working with colour and pattern as seen through 18 projects from around the country. With a focus on the idea of home as sanctuary, this hefty tome offers insight into the mind of the designer with points on where to find inspiration, meeting client briefs and the importance of relationships. Thames & Hudson, $120
2 House of Joy
If there was ever a book title for our times, then this is it. With a subtitle of Playful Homes and Cheerful Living, this book champions fun in interior design, with bold and bright homes from around the world to delight and inspire. While there’s a good dose of the unexpected, like a disco ball in the garden, there’s no mayhem in these spaces. Instead, they’re beautifully executed to tempt even the most colour shy. Gestalten, $105
3. Abigail Ahern Masterclass
Some design books are beautiful to look at, and that’s it. This is not one of those books. A master of colour and pattern, UK designer Ahern offers a practical foundational guide to beautiful interiors, mixing form with function in her latest book, Masterclass. Find the inspiration you need to create a gorgeous home. HarperCollins, $65
4. Interiors Now!
Looking for a visual crash course in international design trends with longevity? This is the book for you. Featuring homes across the globe, from New York to Auckland via Avignon, the biggest dilemma for readers is settling on a style. Many of the projects are owned by designers and creatives, lending a dynamic edge to this tome, now in its 40th year. Taschen, $50
5. Home by the Sea
For many Australians, the ocean holds an almost hypnotic appeal. Home by the Sea by Natalie Walton lets you imagine, for a little while at least, what it’s like living the dream in a beach shack in Byron Bay. The book tours 18 homes in and around the region and the hinterland owned by artists, designers and makers. With photography by Amelia Fullarton, it champions the good life. Hardie Grant, $60
6. The Layered Interior
Released last year, this is the third volume from award-winning interior designer Greg Natale. Different in format from his earlier books, the eight projects featured are Australian but with a slight Euro-centric focus. The writing is conversational, almost intimate, inviting the reader into the most luxurious spaces beautifully captured by photographer Anson Smart. This coffee table tome is perfect for dreamers and doers alike. Rizzoli, $110
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