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Landlords shying away from rent increases

11/08/2010

Rental growth has remained largely flat in the June quarter according to the Australian Property Monitors’ June Quarterly Rental Price Report. Nationally median rents for houses rose by just under one per cent, bringing annual growth to a relatively weak 3.1 per cent. Sydney was the only major capital city to record rental growth for both houses and units, resulting in a weekly median rent of $480 for houses and $440 for units.

Higher mortgage costs have hit some landlords hard, but weak consumer spending and concerns over the global economy, reflected in the fall in the local share market, has meant that landlords have been conservative in raising rents compared to the March quarter.

Source: Australian Property Monitors



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