Emigrating to Australia: housing costs fall
08 September 2016 by News DeskEmigrating to Australia: Rental rates declined across the combined capital cities during August.
Costs involved in emigrating to Australia will continue to fall with industry observers predicting that apartment prices in capital cities could fall up to per cent over the next two years.
Rental rates fell across the combined capital cities during August with the exception of Melbourne, Darwin and Canberra.
The cost of renting declined by 0.3 per cent compared to the previous month and falls are set to continue as overall housing supply grows in Australia’s capital cities.
Rental rates are now 1.4 per cent lower than the market peak in May 2015.
The growing over-supply of new-build properties is creating a ‘buyer’s market’ that puts tenants in an increasingly strong position to seek and demand higher quality housing at cheaper rates.
Landlords are now having to reduce rents as potential tenants pick and choose between available properties.
Many existing rental tenants are now upgrading to new-build apartments to get better housing at a cheaper rate.
Emigrating to Australia – housing costs fall
Rents have remained unchanged in Sydney and they have fallen in Brisbane (-1.1 per cent), Adelaide (-0.3 per cent), Perth (-9.4 per cent) and Darwin (-14.1 per cent).
Over the past 12 months, rents have risen in Melbourne (+2.9 per cent), Hobart (+6.8 per cent) and Canberra (+2.6 per cent).
Melbourne, Hobart and Canberra have each recorded stronger rental growth over the past year compared to the previous year.
Apartment prices in capital cities could fall between 15 to 20 per cent over the next two years, according to AMP Capital who suggest the biggest falls could be seen in Sydney, Melbourne, Brisbane and Perth.
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