- Rental market (Source: Emilie Lauer)
Rental prices and yields continued to rise during the March quarter of 2025, with the largest increases in Hobart, Perth, and Brisbane. Despite the increase, the rate of change has slowed significantly compared to pre-COVID-19 levels. Unit rents saw the most significant growth, while house rents saw smaller increases. Perth had the highest house rent increase, while Melbourne had the smallest. Hobart remained the most affordable capital for all dwellings, while Sydney remained the most expensive. Rental yields also rose during the quarter, with unit yields seeing the largest increase. Darwin saw the highest rental yields but experienced a decline due to dwelling value growth outpacing rent growth. Overall, rental growth is expected to remain relatively subdued due to easing demand and tight supply.
- Rental review (Source: CoreLogic)
CoreLogic’s Quarterly Rental Review reported a 1.7% increase in national rents over the March quarter, the slowest Q1 growth since 2019. Rental growth has slowed significantly, with the 12-month change now less than half the recent peak. The preference for house rent and worsening affordability have contributed to a decrease in rental demand and subsequent growth. Despite this, advertised rental listings remain below average, leading to tight vacancy rates. The increase was largely driven by units, with Hobart experiencing the largest quarterly increase. Rental growth is expected to remain subdued due to weakening demand and easing migration.
- Rental prices (Source: PropTrack)
Rental prices have decreased in over 500 suburbs across Australia’s capital cities, contradicting the national trend of increasing rents. The largest decreases were seen in Forresters Beach on the NSW Central Coast, Wooloowin in Brisbane, and Hunters Hill in Sydney. Some suburbs, such as Vaucluse and Hunters Hill, experienced significant reductions in already expensive areas. Despite these decreases, rent growth remains the norm in most markets, with Sydney remaining the most expensive rental market. The data also highlighted the substantial gap between Sydney and Melbourne’s rental markets.
- Unit prices (Source: Emilie Lauer)
Unit prices in combined capital cities decreased by 0.4% during the March quarter, marking the first decline since 2023. Canberra and Melbourne experienced the most significant decline, with unit prices dropping by 5.7% and 3.2%, respectively. Despite the quarterly decline, units in combined capital cities saw a 3.2% growth over the past 12 months. Unit prices in regional areas rose by 0.8% over the March quarter and 5.3% year-on-year. Perth, Canberra, Melbourne, and Darwin experienced unit price declines, while Sydney, Brisbane, Adelaide, and Hobart saw increases. Global uncertainty and affordability issues may impact the property market in the coming months.
- CoreLogic Auction Results (Week ending 20 April 2025)
(Total Auction / Clearance Rate)
– Sydney: 359 / 59.6%
– Melbourne: 148 / 58.8%
– Brisbane: 60 / 43.3%
– Perth: 2 / 50%
– Canberra: 27 / 51.9%
– Adelaide: 48 / 60.4%
– Tasmania: NA / 0%
– Combined Capitals: 644 / 57.6%
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