Asking rents lift
An index which will see some attention over the coming months is SQM Research's
asking rents index.
It's early days, of course, being only one week on from the Federal Budget.
Given there are so rental regulations these days (60 days notice to raise rents for a tenant, rental increases limited to one change per year, and so on) it's obviously going to be some time before we get a clearer read on what's happening to actual rents.
Still, the index asking rents can be a useful leading indicator foretelling what is to come.
This week, asking rents across Australia rose by +0.4 per cent for houses and +0.7 per cent for units.
Source: SQM Research
Asking rents for houses rose by $3 to $777 per week, and asking rents for units rose by $4 to $604 per week.
Notably rents are down a bit in Perth and Adelaide lately, following a monster run-up since 2020.
Instead, the recent increases in asking rents have been driven by strong gains in Sydney and Brisbane, as well as Canberra, Hobart, Darwin, and many parts of regional Australia, such as Newcastle, Hunter Valley, Sunshine Coast, and others.
This index will be worth watching over the next few months to see how successful landlords are at passing on the forthcoming higher costs to tenants.
If you'd like to discuss what the Budget changes mean for your strategy or portfolio, shoot me an email pete@allenwargent.com
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