Added over 8 years ago
Renters continue to be squeezed as the deteriorating outlook for home affordability pushes up demand for rental properties. House rents increased in every capital city except for Sydney, Melbourne and Darwin, a report by property data collection agency RP Data found. Rents increased by 1.4 per cent nationally and 2.7 per cent in the capital cities over the past 12 months. An RP Data report analyst said that limited purchasing activity are based on concerns about affordability and therefore likely to see increasing demand for rental properties. He also mentioned that rise in rents came against a background of sluggish property growth, higher interest rates and limited new development during 2011. As a result, we should expect capital city rental growth to revert to around five-year average levels, with inner city units and outer more affordable housing stock having the strongest prospects for rental growth.
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