Money Sydney renters paying $582 a week, while Darwin and Hobart enjoy best rental yields

00:58  19 april  2018
00:58  19 april  2018 Source:   msn.com

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A sign of how huge the demand is comes from the fact that in Sydney , there is only a 1% rental vacancy rate, and quite often rental agents have twenty applicants for every rental property put on the market. Darwin . Hobart . You have to pay a 4- week bond and 4- weeks rent in advance.

  Sydney renters paying $582 a week, while Darwin and Hobart enjoy best rental yields © Provided by ABC Business On average Australians are paying $427 per week in rent with rents rising 1.1 per cent in the first quarter of this year.

Sydney-siders paid the highest median rent ($582 per week), while Adelaide residents paid the least ($374) out of all the capital cities.

But it was Hobart's landlords who scored the best deal with rents increased by 5 per cent in the last quarter, and 11.7 per cent in the last 12 months.

Property in the Tasmanian capital are also currently enjoying the second highest rental yield in the country (5 per cent) — second only to Darwin (5.8 per cent), according to key findings from data analytics firm CoreLogic in its Quarterly Rental Review.

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For example, a property which earns 5 a week in rent , for a total of ,500 a year, on a Hobart is popular among both homeowners and renters . Picture: Getty. Net yield figures account for expenses. While yields are attractive, investors should think carefully about which capital is best .

Hobart suburb Goodwood was the best performer in a list of highest gross rental returns for houses within 10km of a capital city for 2015, while the Melbourne suburb of Carlton topped the list for units. Sydney . Top three suburbs for gross rental yields (houses)

Slow start to the year

Rental rates, on a national basis, lifted by 1.5 per cent in the first three months of 2017. In comparison, they rose by a slower 1.1 per cent between January and March this year.

"The first quarter of each year is typically the strongest for rental growth, so this is a step down," CoreLogic's head of research Cameron Kusher said.

"Investors remain most active in NSW and Victoria, and have been targeting capital growth rather than rental return."

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Regional rents are rising almost two-thirds faster than capital cities, with Sydney and Melbourne continuing to have small average rent rises, while Hobart is seeing the largest capital city rental inflation.

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Indeed, Sydney and Melbourne have the lowest rental yields — 3.2 per cent and 2.93 per cent. The median yield across the country was 3.68 per cent.

Mr Kusher said Sydney had its weakest first quarter since 2009, while Melbourne's was its slowest since 2012.

What's behind Hobart's growth?

Hobart is not only seeing its rent increase at the fastest rate, it is also experiencing the biggest jump in property prices.

"Clearly there's a lot of demand for rental properties, and there's not enough of them around," Mr Kusher said.

"Hobart had a shortage of apartments and hotel accommodation for a number of years.

"So we're seeing increasingly a lot of the longer term rentals being offered short term — especially with the prevalence of Airbnb."

Essentially, it's a case of not enough supply available to meet the demand.

Regional areas outperforming the capitals

In the last 12 months, the combined capital cities saw their rental rates rise by 1.9 per cent. Rents in regional areas of Australia, in contrast, jumped 3.1 per cent.

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The highest median weekly rent is in Sydney , where the cost is $ 582 . Rental yields have increased nationally by 0.1 per cent over the past 12 months to 3.68 per cent. The highest rental yields are in Darwin (5.83 per cent) and Hobart (5.01 per cent).

Regional areas close to capital cities experienced rapid rent increases.

This includes the areas near Sydney (Wollongong, Newcastle and Lake Macquarie) and Melbourne (Geelong, Bendigo and Ballarat).

The reason for this is an "affordability story", Mr Kusher said.

"People are now moving to these coastal locations, and not buying a property in the initial stages, driving up rental demand.

"Keep in mind, rental demand in a lot of the regional areas has been fairly weak in recent years."

Where to from here?

Mr Kusher's forecast is that the capital cities (except for Hobart) will continue to experience slowing rental growth.

"Rents will probably slow down in capital cities and regional markets over the coming quarters.

"But I still expect regional areas to outperform the capitals."

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