"Canberra’s rental prices have continued to slump as the territory records close to the largest fall in median rents in the country over the past year.New data to be issued by Australian Property Monitors on Thursday shows the median weekly asking rents for houses have dropped 6.3 per cent to $450 and units have fallen 6.1 per cent to $385.This is the worst performance in the country for units and the second worst for houses, behind Perth with a fall of 6.6 per cent."
Canberra’s rental prices have continued to slump as the territory records close to the largest fall in median rents in the country over the past year.
New data to be issued by Australian Property Monitors on Thursday shows the median weekly asking rents for houses have dropped 6.3 per cent to $450 and units have fallen 6.1 per cent to $385.
This is the worst performance in the country for units and the second worst for houses, behind Perth with a fall of 6.6 per cent.
Dr.Wilson tells us about a week ago from domain reports that Sydney units rents have risen 5.3% to a peak of $500. Yet the domain report from May shows him telling us units rents were $532 , so more like a 5.3% fall in two months. All shown in links above. Lies just dribble from the blokes mouth.
Canberra down 13% in 3 years Ouch! There will be a lot of landlords there having to subsidize the interest repayments out of their personal income. Canberra is great to live in if you have a federal government job, but otherwise?
The trend is really intrenched as far as stagnant and falling yields goes now. My bet is brisbane to follow next. The mining contraction in QLD has been a shocker too.
"Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works." John Stuart Mill
Canberra down 13% in 3 years Ouch! There will be a lot of landlords there having to subsidize the interest repayments out of their personal income. Canberra is great to live in if you have a federal government job, but otherwise?
The trend is really intrenched as far as stagnant and falling yields goes now. My bet is brisbane to follow next. The mining contraction in QLD has been a shocker too.
Darwin houses down 17.9% over 12 months..... WHOA!!!!
Canberra down 13% in 3 years Ouch! There will be a lot of landlords there having to subsidize the interest repayments out of their personal income. Canberra is great to live in if you have a federal government job, but otherwise?
The trend is really intrenched as far as stagnant and falling yields goes now. My bet is brisbane to follow next. The mining contraction in QLD has been a shocker too.
+1
Brisbane is heavily reliant on the energy and mining sectors which are both bleeding jobs. There also seems to be an apartment construction boom which won't help rents either.
Brisbane is heavily reliant on the energy and mining sectors which are both bleeding jobs. There also seems to be an apartment construction boom which won't help rents either.
Yes, a mad building frenzy, to satisfy investor demand more or less, since 50% or better are now sold to investors. So we had a stable supply demand balance years ago where so many people needed a place to rent and a percentage wanted to buy and live in a unit (God only knows why?) Then along comes the RE bubble and the GFC and millions of ordinary Australians are convinced that the only way to ensure a happy prosperous retirement is to buy another residential housing unit or FIVE. So now we have tens of thousands of homes in the outer suburbs, and units in the inner city, being built for no other reason than to give people an investment for their retirement.
"Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works." John Stuart Mill
Canberra stagnates for 5-9 years every cycle. This is not news. We're probably 2-3 years off the end of the current stagnation, then off we go again.
Canberra rents aren't stagnating, they are collapsing. Big difference.
"Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works." John Stuart Mill
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