Migrating to Australia: house rental costs
04 August 2016 by News DeskMigrating to Australia: the cost of renting a home Down Under is rising at its slowest pace since 1994.
Migrating to Australia: house and apartment rents are increasing by just +0.7 per cent across the country. It’s the lowest rate of rent inflation for 22 years.
“Low interest rates, low consumer inflation and an over-supply of properties in capital cities are all helping to keep rental prices down”, says Darrell Todd, founder of thinkingaustralia.
“Historically low mortgage rates are also adding to downward pressure on rents as the difference in cost between renting and buying a property narrows”.
In Perth rental growth fell by -5.2 per cent over the year to June.
In Darwin annual rental growth declined to -6.4 per cent.
Hobart and Canberra have witnessed flat rental growth in recent years but a shortage of property in Hobart is seeing rents slowly starting to rise, according to latest official data.
Migrating to Australia: house rental costs
Rents remain high in Melbourne, Sydney, Adelaide, Brisbane and Hobart but, like elsewhere, rents are rising at a slower rate.
Combined capital city rental costs fell by 0.6 per cent over past year, but in some rural areas rents are rising.
Cost of renting has fallen over the past 12 months in Brisbane, Adelaide, Perth and Darwin with rental growth slowing from already low levels in most other capital cities.
Rental costs are falling in many capital cities but in mid-size and coastal markets demand for rental properties is growing, and so are rents, driven by a sharp rise in migration in recent years.
“Attractive exchange rate on the Australian dollar has led to a rise in tourism in coastal towns and cities and this has led to a rise in the cost of renting in these areas”, says Darrell Todd.
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