A recent CoreLogic report has identified median rental rates and yields for the first quarter of 2019 has increased by 1% for the first three months. The median rent in Sydney remains at $582 per week and still remains Australia’s most expensive city for tenants when compared to the national average of $436 per week. Regional areas out performed major cities which comes as no surprise as more Australians are moving interstate or too regional areas than ever before. While the economies of NSW and VIC remain much stronger than elsewhere, the cost of housing in these states is also much higher than elsewhere. With many places willing to allow greater flexibility around working remotely it is no surprise that the trend towards more interstate movements increasing. We would expect that this trend is set to continue over the coming years.
For those buyers or investors looking to purchase an investment property especially in regional areas, they have fared well and it is a positive sign that rental market is heading in the right direction to deliver a better rental return. If you’re saving up to buy your first home or investment property, now’s a great time to speak with an our BlueCherry Brokers. As a few areas due to the recent downturn has made room for quality affordable housing in suburbs across the country, and with record low interest rates, buying a property could be more achievable than this time last year.
