If you’re considering a change of scenery, then spring 2020 might be a good time to shift rental properties.
The latest industry data indicates that rent prices across most Australian capitals are plateauing with Adelaide and Perth the exceptions. According to statistics from real estate research house, CoreLogic, Perth rental prices rose 0.9% in the June quarter, while Adelaide increased by 0.1%.
For Adelaide, the property market, in general, has been less impacted by COVID-19 due to the relative stability of the market, noted CoreLogic. The rental market has also benefited from this stability.
The continued rental rate increases across Perth reflect improved patterns in migration, fewer investors since the end of the mining boom, and less vulnerability to industries affected by COVID-19.
Also, the market could be a little tight in Darwin too right now. According to research from Raine & Horne Darwin, the average rental vacancy rate in the NT capital dropped to 2% in July from 4%. But by and large, rental prices across Australia are steady, making spring 2020 an excellent time to make a move if that is your goal.
But before making a move, research thoroughly the suburb or town you’re interested in, to determine what you could expect to pay for your next rental house or apartment. Start by looking at similar rental listings on the Raine & Horne website to figure out the average rental cost in your desired neighbourhood.
You can also talk to local Raine & Horne Property Manager about rental prices in neighbourhoods of interest. Attending some open for inspections where you can talk to locals living in the apartment block or street about rental costs, nearby restaurants, cafes, shopping centres, schools and other amenities is another research idea worth considering.
Before seeking a rental property this spring, be sure to contact your local Raine & Horne Property Manager to discuss your options.