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While the first quarter of 2009 has seen some financial relief for home buyers those renting have not experienced any respite.
According to the Real Estate Institute of Australia (REIA)/Mortgage Choice Market Facts Report, released today, house prices softened in several capital markets in the first quarter. These declines combined with interest rate relief made housing much more affordable.
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Median rents in contrast have not registered any decreases; in fact rents for three bedroom homes rose in five out of eight capital cities, the report said, while the remaining markets remained unchanged.
“This quarter has shown that with housing affordability improving and rents continuing to rise or stabilise, it is cheaper to own a home than to rent in Hobart, Darwin and Canberra, when compared with average loan repayments for the March quarter,” REIA president David Airey said.
In the remaining capitals, Mr Airey said the gap between average loan repayments and median rents varied between $120 and $276 per month.
According to the report, rental vacancies remain below 3 per cent in all capital cities.
Sydney was the only market to see a decrease in vacancies over the quarter to 1.2 per cent.
