Relief in sight for renters

Aug 20, 2009 - Eric Smyth

Leading property statistics agency RP Data has reported that relief may be in sight for renters who have been hard hit by skyrocketing rentals over the past few years.

Over the June quarter there has been a small decrease in rental rates across Australia's capital cities, suggesting that rental yields may have hit their peak.

Rental Market

Weekly house rentals fell by 3.5 per cent nationally over the June quarter while unit rents dropped 0.6 per cent.

Canberra experienced the largest fall in the market with a drop of six per cent for the June quarter in the housing market, where the median weekly rent fell from $530 in March to $498 in June.

Darwin was the only mainland capital city to experience a nearly six per cent rise in rent where renters will be hit with an additional $100 more per week than those in Sydney where rents fell by about five per cent.

RP Data's Tim Lawless announced that it seems as though the rental market may have peaked with national weekly median rents falling slightly in each month after March 2009.

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