Domain’s Quarterly Rent Report has been released this Morning. The report provides tenants, landlords and potential investors with a breakdown of the asking rent prices and gross rental yields across the nation.

According to the Report, quarterly house rent prices hit new record highs in all cities except Perth and Darwin, with all cities rising over the quarter apart from Darwin. House rents have recouped all of the COVID-19 price dip, resulting in a record price gap between houses and units.

The findings suggest although the rents are rising, the pace of quarterly growth has eased for both houses and units.

Domain’s Chief of Research and Economics, Dr. Nicola Powell tells Dave about the Key national insights from the report:

  • Combined capital city house rents are up by 3.4 per cent over the quarter hitting a new record high, producing the strongest annual growth at 7.4 per cent, since 2009

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  • Combined capital unit rents are up by 2.5 per cent annually, the first annual increase since September 2018

  • Record difference between combined capitals house rents at $499 and unit rents at $436

  • Gross rental yields for combined capital houses are at a record low of 3.45 per cent and units close to a record low of 3.96 per cent

House rental prices break records in Australian cities!

State of the Nation

● Combined capital city house rents are up by 3.4 per cent over the quarter hitting a new record high,
producing the strongest annual growth at 7.4 per cent, since 2009
● Combined capital unit rents are up by 2.5 per cent annually, the first annual increase since September
2018
● Record difference between combined capitals house rents at $499 and unit rents at $436
● Gross rental yields for combined capital houses are at a record low of 3.45 per cent and units close to a
record low of 3.96 per cent

State of the States

● Quarterly house rent prices hit new record highs in all cities except Perth and Darwin, with all cities rising
over the quarter apart from Darwin
● Quarterly unit rent prices continue to increase in all cities
● Melbourne remains Australia’s most affordable capital city to rent a house, recording the weakest annual
growth of all the capital cities at 1.1 per cent
● Perth houses is the highest gross rental yielding capital city for the first time on record for investors