NEWS
Australian Rents to Rise 10% in 2010
Australian residential rents may rise by more than 10 percent this year as landlords pass on higher home prices and increased borrowing costs to tenants.
Average rents rose 1.5 percent in the first quarter.
“The factors that kept a lid on rents in most cities in 2009 are no longer apparent,” APM Economist Matthew Bell said in a statement. As the economy continues to improve as the year progresses, rents are expected to get back to and exceed the 7% to 10% growth seen over the past five years.
House prices jumped 12.7 percent in the year through February, according to a March 31 report by real-estate monitoring company RP Data-Rismark.
It’s a great time to buy investment property in Australia.
Source: Bloomberg
Published: 15 April 2010
