rental market

Some parts of Australia experienced reductions in rents during the December quarter, but an increase is anticipated later this year.

In a report to be released it is predicted that the results will reveal that national rental growth was the weakest since 2002. This compares to an average rate of 12 per cent for 2007 and 2008.

To live among Melbourne's rich & famous is costing more than $1000 a month this year compared to last year.

Despite the economic downturn people who have chosen to move into Melbourne's elite suburb of Toorak have to pay an average of almost $1300 a week more than last year.

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.

The fact that the nations biggest city's housing crisis is reaching alarming proportions is evident by more houses being built in Adelaide than in Sydney in 2009.

The Victorian State Government has now amended the law to prevent bids after the fall of the hammer at an auction being accepted.

The new rules which came into effect on Monday 30th June are aimed at preventing successful bidders from being gazumped by a late bid. The change comes after campaigning by the REIV following a number of instances in the last few years.