Rental growth is at its slowest pace on record, but it’s not all doom and gloom, with many suburbs across capital cities recording strong rates of growth in the past year.
CoreLogic RP Data’s September Monthly Rental Report release shows that across the combined capital cities, rental rates are increasing at their slowest rate on record. Over the past year, capital city rents have increased by just 0.5% and the trend is pointing towards further slowing in rental growth over the coming months.
Over the past 12 months the rental growth performance has been mixed across the capital cities however, the common trend is that the rate of rental change is slowing.
Over the year rents have increased in Sydney (1.9%), Melbourne (2.1%), Brisbane (0.5%), Adelaide (0.1%) and Canberra (1.0%). Rental rates have fallen over the past year in Perth (-5.8%) and Darwin (-11.4%). More recently the rate of rental growth has slowed with rental rates falling in each city over the past quarter.