Rents Keep Rising In Most Suburbs

The majority of Australian suburbs have recorded rent increases in the past financial year, with 90% of suburbs experiencing house and unit rent rises.

Two-thirds of those suburbs had increases in unit rents and a third had increases in house rents, of 10% or more.

All suburbs within Adelaide, Perth and regional Western Australia experienced rent rises in the financial year and in their house and unit markets, according to CoreLogic.

Unit markets in Brisbane, Adelaide, Perth and Darwin all had rent increases.

Three suburbs in Sydney (Long Jetty, Wyong and The Entrance), two suburbs in Melbourne (Rosebud West and Hastings) and Claremont in Hobart all had slight falls in unit rents.

CoreLogic economist Kaytlin Ezzy says record levels of overseas migrants has bolstered demand for rental properties, particularly within inner city unit markets.

She says the shortage in rental listings and lack of investors as a result of higher interest rates, are behind the rent rises.

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