Rents in some states and regional markets have risen significantly from what they were last year, as vacations continue to tighten.
The latest report from SQM Research found that combined national house and unit rents rose 13.7% in July on an annual basis.
This growth was likely due to rents in regional markets, the capital city average being only 6.9%.
Data suggests the new wave of lockdowns in New South Wales and Victoria has sparked renewed interest in regional life, with many Australians planning to flee restrictions in the big cities.
Nationally, vacancy rates remained tight at 1.7%, similar to the previous month.
However, there were fewer vacancies this month than a year ago, when the national vacancy rate was 2.1%.
SQM Research chief executive Louis Christopher said persistent pressure on vacant homes continues to put pressure on rents across Australia, particularly in regional areas.
However, he noticed an interesting trend in the latest rental data.
"It is somewhat confusing to see both regional Australia and the capital cities registering increases," said Christopher.
“Given the ongoing international border closures and still relatively high completions, the national rental market should be at least more balanced.
"It could still happen if the lockdowns persist into the summer, as it is likely that many people living in Sydney and Melbourne will try to relocate elsewhere. "
Small towns register huge rent increases
During the year, rents increased the most in Darwin, where renters pay 25.3% more for houses and 29% more for units. Weekly house rents in Darwin were among the most expensive at $ 611.
This coincides with Darwin's vacancy rate, which is one of the lowest among capital cities at 0.6%.
Canberra, however, still has the most expensive rent during the month at $ 724.6 per week for homes, which is a gain of 13.7% over the year. The city's vacancy rate also remained low over the month at 0.7%.
Melbourne was the only capital to report a drop in housing and housing rents.
Over the year, city rents fell 0.4% to $ 520 for homes and 6.5% to $ 369 for units.
Falling unit rents make Melbourne the third cheapest capital to rent accommodation.
Top Suburbs:
albion
,
nunda
,
emerald
,
padbury
,
victoria park east
Get Help With Your Real Estate Investment
Do you need help finding the right loan for your investment?
When investing in real estate it is important to make sure you have no only from the lowest possible rate, but also have the loan features to suit your needs.
Just fill out a few details below and we will then arrange for a local mortgage broker contacts you and determines the characteristics or types of loans that suit your needs. We'll even help you with the paperwork. In addition, an appointment is free.
We value your privacy and take all your information seriously – you can check
our privacy policy here
