Rents will climb for two more years
Analysts are predicting that rents in some capital cities could rise by as much as 24 per cent over the next two years due to chronic property shortages. Average vacancy rates across the country are at an historic low of only 1.66 per cent and the situation is expected to get worse before it gets better. An annual property review conducted by Advisor Edge has estimated that rental prices for houses in Sydney, Perth and Darwin will increase by between 10 and 12 per cent over 2008 and all capital cities saw increases of 8 per cent or more during 2007.
Source: The Australian Financial Review