Australian House Values Continue Falling While Rental Market Continue Trending Down
Australia’s rental market remains tight as the residential property market continues trending downwards.
Rental vacancies in the CBDs of Sydney and Melbourne fell to 2 percent and 3.4 percent, respectively, in response to the return of international arrivals, according to SQM Research (pdf).
Meanwhile, the rental vacancies of other capital cities edged slightly higher but still sit firmly below the 1 percent mark.
The rental market crunch pushed asking rents in capital cities up another 1.2 percent, bringing the 12-month rise to 17.4 percent.
However, some rental markets have also begun to see downturns, with Hobart recording the biggest fall in weekly rents, down 1.8 percent….