Inner-Melbourne Rents Up More Than 30%
The gap between house and unit rents is tightening across the country.
The gap between house and unit rents is tightening across the country.
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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