Weekly rents have fallen by -0.3% over the past year

According to the CoreLogic Rental Index, combined capital city rental rates were unchanged in May 2016. Melbourne and Hobart were the only cities to record rental rises with falls elsewhere.

While annual rents fell by -0.3%, weekly rents across the combined capital cities were unchanged in May 2016. Currently, combined capital city rental rates are $489/week for houses and $469/week for units.

Commenting in the May CoreLogic Rent Review out today, research analyst Cameron Kusher said, “It is anticipated that the weakness in the rental market will persist and where on an annual basis, we’ll see rents fall further over coming months.”

“However over the 12 months to May, we did see several capital cities experience a rise in rents. These included, Sydney at 0.9%, Melbourne 2.3%, Hobart 3.7% and Canberra 0.1%. On the flipside, falling rents pulled the combined capital average lower with a drop in Perth of -8.8% and for Darwin, -16.9%. Brisbane rents at -0.9% and Adelaide -0.9%, were also lower over the year,” Mr Kusher said.

Median weekly rents are currently sitting at $486 across the combined capital cities. Combined capital city rental rates fell by -0.3% over the past year.

Mr Kusher said, “Since we started tracking annual rent changes back in 1996, the May 2016 results represent the lowest annual change on record.”

“The rental market slowdown has been rapid over the past year with rents increasing by 1.5% . A number of factors such as the softest wages growth on record have contributed to this slow down. At the same time, we also saw unit construction hit record high levels and a lack of population growth which has contributed to a lesser demand for rentals,” Mr Kusher said.

With rental rates easing over the year and home values continuing to rise rental yields continue to sit at record lows of 3.3% for houses and 4.2% for units.

Gross rental yields for houses are now at record lows in Sydney, Melbourne and Canberra while unit yields are at historic lows in Sydney.Source Corelogic With Compliments Linda and Carlos Debello

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Removing the Hassle from Sales and Rentals across South East Queensland. Aim to Empower other like minded Property Investors. L J Gilland Real Estate is a prestigious boutique agency specializing in Property Investment Management Services and the Sales of Investment Properties with tenants in place. Comprised of a top performing group of handpicked specialists, our Agents proudly serve Property Investors in Queensland. Since 1996 our Agency has demonstrated a genuine enjoyment of working with people, developing long-term relationships and delivering on the promise of great service. Carlos and Linda Debello offer property investor's the confidence to sell and lease in any market. We provide comprehensive market appraisals, exclusive multimedia marketing campaigns, and knowledgeable, highly personalized counsel on all aspects of real estate. Our Property Management Team is equally considerate, offering investors with in-depth advise, well-researched rental valuations, and highly professional rental management services. http://goanimate.com/movie/0M4bvcZzgIbI?utm_source=linkshare&uid=0u6RGtWsmlVc Carlos’ direct mobiles are 0400 833 800 & 0413560808. Linda’s mobiles are 0409995578 & 0414978700 (prefer email contact for Linda). Office 07 3263 6085. http://www.ljgrealestate.com.au http://www.yellowpages.com.au/qld/aspley/lj-gilland-real-estate-pty-ltd-14091356-listing.html http://au.linkedin.com/in/lindajanedebello http://twitter.com/GillandDebello http://www.facebook.com/pages/ljgrealestate
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