House rents at record highs in Hobart, Melbourne, Sydney

The post House rents at record highs in Hobart, Melbourne, Sydney appeared first on Oak Laurel.

House rents at record highs in Hobart, Melbourne and Sydney whilst Darwin and Perth showed decreases according to Domain rental report

Hobart followed by Melbourne showed the greatest percentage increase in house rental prices in the March quarter, 3.1% and 2.5% respectively. The average weekly house rents in Hobart rose from$320 to $330 over the last quarter whilst the average house rents in Melbourne rose from $381 to $390 per week. The rental increases primarily driven by solid migration levels.

Despite rents being at record high levels, rental yield in Australia’s two largest cities, Sydney and Melbourne have been eroded over the last year as rents are yet to catch up with capital gains. Sydney’s rental yield is down by 8.2% to 3.87% per annum over the last year whilst Melbourne’s yield is only down by 1.9% to 4.03% per annum.

With house rental prices rising and house prices rising even quick it is becoming even more difficult for first home buyers to get into the property market. It is therefore no surprise that many first home buyers are turning to the family to help them buy their first property.

Are you renting and want to buy? Does your family want to help you to get started in the property market? Find out about more about Guarantor home loans.

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The post House rents at record highs in Hobart, Melbourne, Sydney appeared first on Oak Laurel.

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