Rents Increasing At Fastest Rate In 14 Years
With regional areas outpacing the capital cities.
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It’s not only homebuyers feeling the pocket pinch with rental rates surging by 3.2% nationally.
According to Corelogic’s Rental Review for the March 2021 quarter, the drivers of growth are diverse with the regions, Darwin and Perth collectively driving much of the increase.
Across combined regional markets, rents rose 4.1% in the first quarter of 2021 according to the report. Elsewhere rents in the combined capitals increased 2.9% by comparison.
Regional units recorded the highest quarterly rental growth of 4.8%, compared to the 2.0% rise in capital city units.
Further, capital city house rents were up 3.3% while regional houses rose by 4.0% during the period.
Darwin has shown the strongest growth in rental rates over the quarter, up 8.2% and 7.0% respectively.
Across the spectrum, Melbourne recorded the weakest growth in rents over the three months to March with house rents up 1.6%, while unit rents were unchanged over the quarter.
CoreLogic’s Research Director Tim Lawless, says “While housing rents are rising at the fastest pace since 2007, the headline reading hides the sheer diversity of rental conditions around the country. At one end of the spectrum we have Perth and Darwin where annual rental growth is well into double digits and accelerating. At the other end is Melbourne and Sydney where rents are down over the year.
“Although rents are generally rising, housing values have been rising at a faster rate which has seen rental yields compress across most of the capital cities. The exceptions are Perth and Darwin where rents have risen at a faster pace than housing values, driving a rise in yields. The opposite is true in Sydney and Melbourne where rental yields are plumbing new record lows,” added Mr Lawless.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Scheduled auctions fall to winter levels as vendors hold back on going to market
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Grand final fever and the long weekend have dampened scheduled auction activity this weekend, CoreLogic reports.
The number of homes scheduled for auction this weekend is set to halve, with 1,324 properties listed, marking the quietest week since mid June. Melbourne will experience the quietest week since Easter, CoreLogic data shows, with 223 homes prepared to go under the hammer. In Sydney, 805 properties are expected to go to market, the lowest number in seven weeks.
With long weekends in Queensland and South Australia, numbers are also down in Brisbane (111) and Adelaide (86), less than half the properties available for auction the previous week. It’s a less dramatic drop in Canberra, where 83 homes are scheduled for auction, down -22.4 percent on the previous week.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
