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Property rents soaring in some Australian cities

Property rents soaring in some Australian cities - Australia - rental property

People moving to Australia to live and work face higher prices to rent houses and apartments in most cities, the latest real estate figures show.

Nationally asking rents for houses increased by 0.7% in the three months to the end of June and the rents for apartments went up by 2.5%.

But those moving to cities like Sydney and Perth face much steeper rent rises. The latest market report from Australian Property Monitors shows that the median weekly asking rental price in Sydney increased by 4.4% to $470.

In Sydney apartments are more in demand than houses and rents for flats are now close to the average weekly house rent of $500.

‘Increasing demand by tenants for Sydney apartments reflects growing interest for this type of accommodation that typically is located closer to the CBD and provides more established urban infrastructure. Sydney’s rental market remains highly competitive for prospective tenants,’ explained Andrew Wilson, APM senior economist.


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