The latest research shows demand for inner-city apartments is rising, with Sydney topping the charts in both demand and expense.
Australian Property Monitor’s quarterly report for June found prices in Sydney had risen by 4.4%, translating into a weekly average rental price of $470.
It’s bad news for tenants and good news for property owners.
“Increasing demand by tenants for Sydney apartments reflects growing interest for this type of accommodation that typically is located closer to the CBD and provides more established urban infrastructure” said APM’s senior economist Dr Andrew Wilson.
It’s well above the rest of the nation. Melbourne remains the most tenant-friendly major city with little to no hike in prices.
While the weekly rent is less than Sydney, Perth and Darwin’s rates increased dramatically by 8.6% and 8.7% respectively.
“These rises will likely continue with Western Australia’s population set to grow by over 3% in 2012 placing upward price pressure on a Perth rental market already characterised by a shortage of accommodation,” said APM’s senior economist Dr Andrew Wilson.