Suburbs experiencing huge rental increases

Staff Reporter| Smart Property Investment| October 30 2015

http://www.smartpropertyinvestment.com.au/news/14751-suburbs-experiencing-huge-rental-increases?utm_source=SPI&utm_campaign=investorsecrets04_11_2015&utm_medium=email

New data has revealed the capital city suburbs recording the largest increases in rents over the past year.

Melbourne rents have increased the most during the past 12 months, according to new figures from CoreLogic RP Data.

Rents in Australia’s second most populous city increased by 2.1 per cent in the year to September 2015, comparing with a combined capital city figure of 0.5 per cent.

Sydney recorded the next biggest rise – 1.9 per cent in the same period.

Rents also increased in Canberra (1 per cent), Brisbane (0.5 per cent) and Adelaide (0.1 per cent).

Perth and Darwin recorded decreases of -5.8 per cent and -11.4 per cent respectively.

According to CoreLogic RP Data, all Darwin suburbs recorded a decline during the period.

The individual suburb recording the biggest rental increase was Collaroy, on Sydney’s northern beaches. It recorded a 31.6 per cent increase based on a median weekly rent of $1,250.

Adelaide’s number one performer was Hyde Park, which recorded a 23.2 per cent increase and a median rent of $610.

Melbourne’s biggest increase was Black Rock – recording a 20 per cent increase on a $900 median.

Chelmer in Brisbane recorded an increase of 14.8 per cent and a median rent of $600.

Rents in Hobart’s Claremont increased by 8.8 per cent to sit on $310.

Shoalwater in Perth recorded a new median rent of $398, a 7.4 per cent increase year-on-year.

Rivett in Canberra increased by 6.3 per cent to $465.

Darwin’s best performer was Rapid Creek – which decreased by 1.5 per cent over the 12 months to September.