Sydney leads charge in rental rate gains
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|Tuesday, 07 September 2010|
Sydney is leading the country in terms of rental growth, new data has revealed.
According to information provided by RP Data, 28 of the 40 highest performing suburbs are located in Sydney, with Vaucluse claiming the title for highest rental growth.
Currently the median rent for a house in Vaucluse is $1,625/week - a 35.4 per cent increase over the year to June.
Perth’s high end suburb of Applecross recorded the nation’s lowest rental rates over the 12 months to June 2010. The median rental cost fell from $810/week to $500/week a loss of 38.3 per cent
RP Data research analyst Cameron Kusher said the rental market had experienced relatively limited growth in rates during the last twelve months.
With the growth in property value beginning to ease and fewer active buyers in the market, Mr Kusher believes the many people will shift to rent causing rental value to increase throughout the capital cities.