Inner-city apartments across Melbourne and Sydney led the biggest rental gains, with West Melbourne, Docklands, and Southbank rising by more than 31 per cent.
Rental prices for apartments surged 10 per cent nationwide in the 12 months to June – the first double-digit growth for the sector, fuelled by dwindling supply and rising demand, data from CoreLogic shows.and Sydney led the biggest rental gains, with West Melbourne, Docklands, and Southbank soaring by more than 31 per cent.
Kaytlin Ezzy, CoreLogic research analyst said rental demand for units and apartments had been surging since the start of the year as tenants sought out affordable options.have jumped by 18.8 per cent, which is nearly twice the rate of unit rental price growth at 9.9 per cent. “It’s likely the gap in rental values will narrow further as rental demand continues to shift towards relatively more affordable higher density properties.”
“This sustained period of strong rental growth has seen national dwellings record the highest annual growth in rental values since December 2008, when rental demand was supported by record levels of international migration. Canberra remains Australia’s most expensive capital city rental market with a typical house renting for $759 per week and a typical unit costing $573 per week.
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