Following in the wake of its latest rental review, which found that Australian rents fell by 0.2% in the year to April – the worst result on record – Core Logic-RP Data has today released its latest property pulse, which shows that it’s the premium suburbs where rents have fallen the most:
“For houses it is noticeable that some premium suburbs have seen the largest falls in advertised rental rates over the past year. Whether this is due to fewer executive rents as population growth slows or previous renters taking advantage of record-low interest rates to borrow to purchase is unknown. What is clear is that demand for rental houses is easing and in a number of suburbs rental prices have fallen dramatically.A number of premium inner-city locations have [also] made the list for units after seeing the median of advertised rental rates fall…”
The full report is available for download here.