Rent have remained at peak levels in most capital cities this winter, according to the latest rental market report from Domain. Rental demand is outstripping supply in most areas, the report shows. "The continued increase in rental prices is indicative of the low numbers of First Home Buyers and the pressure on the rental market as a result," said Domain economist Andrew Wilson.
In Sydney, the median weekly asking rents for houses has increased by 1.9 per cent over the June quarter to a new record high of $530. Rents for units also remain at record levels at $500 per week over the quarter.
Melbourne house rents also remained at record levels over the June quarter with a median weekly asking rent of $390, an increase of 2.6 per cent over the year. Melbourne unit rents increased by 1.4 percent over the June quarter to the record high of $370.
Brisbane house and unit rents remained steady over the quarter at $400 per week and $370 per week respectively. Unit rents are up by 1.4 percent annually.
In Adelaide, house rents have increased 1.4 percent over the year, and unit rents have increased 1.8 percent in the same period.
Hobart house rents have increased strongly by 6.5 percent over the year to $330 per week in the June quarter.
In Canberra, house rents remained steady at $450 per week over the June quarter and were also steady over the year. Canberra unit rents were steady at $390 per week over the quarter but increased by 1.3 percent over the year.
Meanwhile, the story is different in Perth where house and unit rents have continued to fall. The median weekly house rent price is down 4.4 percent to $430 over the quarter. Unit rents are down by 2.6 percent to $375. Perth house rents have fallen sharply by 6.5 percent over the past year with unit rents down similarly by 6.3 percent. Darwin has also seen a drop; house rents are down by 7.7 percent over the past year and unit rents down by 9.1 percent.