Tight rental markets heat up

Capital cities where demand for rental properties remains the strongest saw strong price growth once again in the December quarter.

At a national level, median asking rents for houses rose slightly by 0.8 per cent while units saw a modest lift of 0.2 per cent.

The biggest increase was seen in Perth, where the cost of renting a house rose 4.4 per cent to $470 per week and unit rents jumped 2.6 per cent to $400 per week.

That impressive result is mostly thanks to an influx of new arrivals in recent times, putting pressure on an already limited rental market, Australian Property Monitors senior economist Andrew Wilson says.

Asking unit rents in Sydney rose 2.2 per cent to $460 per week in the three months to year-end. House rents remained steady at $500 per week.

Wilson says underlying demand in the New South Wales capital remains strong, driven by a chronic shortage of new housing supply.

Brisbane saw a 2.6 per cent lift in house rents to $390 per week, while units experienced a 1.4 per cent gain to $375 per week.

Competition for accommodation in southeast Queensland is on the rise, with the vacancy rate in Brisbane continuing to tighten.

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