The latest data from Australian Property Monitors (APM) shows that rents for Sydney units are soaring at way above the rate of inflation.
By December 2013, the median weekly asking rent had jumped all the way to $485/week up from just $460 /week in December 2012 (+5.4%y/y).
This is reflective of the massive demand for unit dwelling in the harbour city, a trend I've been discussing over the past few years.
On the other hand, median weekly asking rents for houses remained dead flat in Sydney.
Interestingly, the oversupply of apartments in Melbourne (in certain areas, at least, such as Docklands) has kept unit rents flat there also.
I was very interested to hear Alan Kohler forecasting 10% dwelling price growth for 2014 on Business Spectator yesterday.
He may or may not be right on a national level, but in my opinion he's had a Joey Cocker picking 10% growth for Canberra.
With job cuts on the line in the ACT and median weekly asking rents plummeting for both houses and units, I would frankly be amazed if Canberra dwelling prices show anything like that level of growth.
Median weekly asking rents also fell for houses in Hobart (-3.1%y/y), although the smaller samples may be reflected in a little more volatility in this data series.