The March 2021 quarter CPI figures are out, and the statistics show that rental markets across the country continued their recovery from the impact of the COVID pandemic in most capital cities.
REIA President Adrian Kelly said the capital city weighted average showed that rents remained unchanged for the March quarter following an increase of 0.1% in the December 2020 quarter.
“Only Sydney had a fall of 0.5% for the March quarter –its sixth quarter of falls,” he said.
“The CPI figures for March tell us that that there will be no pressure on interest rates for some time and that the rental market is improving. The latter is reinforced by ABS’s housing finance figures showing increased interest by investors.”
Hobart had the most significant increase of 1.1% for the quarter, followed by Perth and Brisbane at 0.7%. For the 12 months, Sydney fell by 2.9%, and Hobart recorded the highest increase of 1.5%,” he said.
Maria Milillo, National Manager, Operations & Property Management, Raine & Horne Group, said improving rents in most capital cities is excellent news for landlords around Australia.
“The Sydney inner and middle ring markets still have a way to go, while outer rind markets are collecting speed. However, the opening of the first international travel bubble with New Zealand this month is a step in the right direction,” Maria said.
“As borders open with those countries that are managing COVID well, and overseas tenants start to return, landlords with investments closer to the Sydney CBD need to be mindful that newer rentals will attract plenty of attention.
“Therefore, those landlords with an apartment that is a little bit dated should check in with their Raine & Horne Property Manager about any improvements they need to make to ensure their properties present at their absolute best.”