Sydney house rents jump +6.3pc in June quarter

Rents surging

One of the big question marks around the government's property tax changes is whether they will result in rising rents (and if so, where?).

Report today from Domain:

"The federal budget’s controversial property tax changes are yet to formally bite, but fears over their impact may already be rippling through Australia’s rental market, as new data reveals Sydney house rents have surged $50 a week in just 90 days.

The latest Domain Rent Report, released Thursday, found Sydney house rents jumped 6.3 per cent over the June quarter – the strongest quarterly growth in four years – while house rents hit record highs across Australia.

Experts say landlords are hiking rent prices in advance of the changes, and warn the sharp re-acceleration in rent growth may only be the beginning, with the full impact of the Budget changes still several quarters away."

The latest numbers from Domain showed a large surge in rents in the most expensive capital city (both for houses and for units).

Sydney house rents increased +6.3 per cent over the June quarter.

Darwin house rents rose +5.6 per cent over the quarter, and in Brisbane the increase was +2.9 per cent. 

Source: Domain

For units the largest quarterly increases were seen in Darwin (+8.3 per cent), Sydney (+4 per cent), and Hobart (+4 per cent). 

You can read the full Domain quarterly rental report here.

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