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Rental values have soared over 2008 according to research released by RP Data on Friday with inner city areas and mining resource areas leading the charge.
On average, Australian house and unit weekly rents rose by $41 and $35 respectively over the course of the year, however certain areas recorded much more substantial increases.
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Mining and resource regions Belyando in Queensland, Port Hedland in Western Australia and Broadsound in Queensland dominated the top three positions for strongest rental growth for houses in 2008.
Darwin recorded the strongest rental growth among the capitals with weekly rents climbing by 18 ($70) and 19 per cent ($60) for houses and units respectively. Median weekly rents now sit at $470 and $380 for houses and units in the Top End, equating to rental yields of 6.25 and 6.44 per cent.
Sydney and Melbourne were close behind with rental increases of $70 and $50 for houses and $50 and $40 for units.
While rental growth might not be as strong in 2009, RP Data senior research analyst Cameron Kusher said growth would continue to be solid.
Top weekly rental growth 2008 (Houses)
Belyando QLD – up $500
Port Hedland WA – up $350
Broadsound QLD – up $190
Mosman NSW – up $180
Duaringa QLD – up $150
Woollahra NSW – up $143
Cambridge WA- up $130
Ku-Ring-Gai NSW – up $100
North Sydney NSW – up $100
Waverley NSW – up $100
Exmouth WA – up $100
Mosman Park WA – up $100
