New apartment approvals have fallen to their lowest levels in a decade, according to the Australian Bureau of Statistics. Australia also has an ageing population, so t here is a rising number of older people living alone following the death of a spouse or the end of a marriage.Įxacerbating current demand for apartments is an undersupply. Some are young er people who are increasingly delaying marriage until later in life. Another factor is the increasing number of A ustralians living alone. The key traditional driver s in Australia’s long-term shift to apartment living ha ve been greater supply of apartments than houses, especially in popular urban suburbs with major infrastructure, and comparative affordability. Across the other capitals, median unit rents are $450 in Hobart, $520 in Darwin and $550 in Canberra. Unit rents are also at a record high in Adelaide at $450 and Perth at $500. Īpartment rents have surged the most over the past year in Sydney, Melbourne, and Brisbane, where weekly rents have risen by about 20 percent to record highs of $680, $520 and $550, respectively. The September quarter marked the 10th consecutive quarter of house rent al growth (up 3.4 percent) and the 9 th consecutive quarter of unit rent al growth ( also up 3.4 percent). The report reveals the Australian market has gone through the longest period of continuous rental price growth on record. The $600 per week median was recorded across the combined capital cities, whereas in regional areas, median unit rents are still well below houses at $450 per week compared to $520 per week. Th e report’s findings are remarkable given units have reliably offered cheaper accommodation than houses historically. This follows an extraordinary almost 25 percent surge in city apartment rents over the past year alone, c ompared with a 13.2 percent lift in house rents, according to Domain’s September quarter rent report. The median asking rent for an apartment in Australia’s capital cities is now on par with houses at $600 per week.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |