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Rental costs fall in Australia

09 October 2015 by News Desk

economy_graph2The cost of renting a house or apartment in Australia has fallen by almost 9% in the past 12 months.

A huge increase in the number of residential properties – especially units (apartments) – that have come onto the market over the past couple of years has created an over-supply of properties and forced landlords to reduce rents in many major cities.

In Perth, rents are at a three year low and the number of empty properties is increasing. Darwin is another city where there has been a marked fall in the cost of renting a property.

In the past three months the cost of renting a house has fallen by 2.3%, and by 6.7% over the past year. Cost of renting a unit has dropped by 4% in the past three months and by 8.9% since 2014, according to the latest report from property specialist Domain.

Average rents in Australia

Darwin – $590
Sydney – $530
Perth – $420
Brisbane – $400
Melbourne – $390
Adelaide – $350
Hobart – $330

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