{"id":187452,"date":"2025-01-03T17:37:49","date_gmt":"2025-01-03T06:37:49","guid":{"rendered":"https:\/\/propertyupdate.com.au\/?p=187452"},"modified":"2024-12-31T22:41:29","modified_gmt":"2024-12-31T11:41:29","slug":"rental-markets-finish-the-year-on-a-softer-note","status":"publish","type":"post","link":"https:\/\/propertyupdate.com.au\/rental-markets-finish-the-year-on-a-softer-note\/","title":{"rendered":"Rental markets finish the year on a softer note"},"content":{"rendered":"

Rental markets finished the year on a softer note, with the national rental index up just 0.1% in the month of December to be 0.4% higher through the December quarter and 4.8% higher over the calendar year according to Corelogic.<\/p>\n

\"Annual<\/a><\/p>\n

Source: Corelogic January 2025<\/p>\n

CoreLogic\u2019s research director, Tim Lawless, said:.<\/p>\n

\u201cThis was the smallest December quarter rise in rents since 2018.<\/p>\n

On a rolling annual basis, we haven\u2019t\u00a0 seen an annual change this small since the 12 months ending March 2021, following the early COVID patch of weakness.\u201d<\/p><\/blockquote>\n

\"Annual<\/a><\/p>\n

However, the annual change in national rents remains more than double the pre-pandemic decade average at 2.0% per annum.<\/strong><\/p>\n

The slowdown in rental growth is apparent across most capital cities and comes amid a reduction in net overseas migration, a trend towards larger capital city households and continued rental affordability challenges.

<\/div><\/p>\n

The ACT and Hobart have bucked the trend, with rental growth rebounding through 2024 after a period of weakness.<\/p>\n

\u201cHobart house rents have moved from being one of the weakest in 2023 when rents fell -3.6%, to one of the strongest in 2024 with a 6.4% increase,\u201d said Mr Lawless.<\/p><\/blockquote>\n

Rental trends are likely to remain subdued in 2025 as <\/strong>overseas migration returns to more normal levels and the average household size continues to trend higher towards pre-COVID levels.<\/strong><\/p>\n

Rental affordability is also likely to remain a key challenge leading into 2025, with CoreLogic\u2019s latest metrics showing a record level of rental unaffordability, with the median rent consuming a third of the median household income in September.<\/p>\n

Rental Yields<\/h2>\n

With rental growth stabilising and housing values starting to edge lower, gross rental yields are unchanged relative to December 2023 at 3.69%.<\/p>\n

\"Gross<\/a><\/p>\n

Across the capitals, Darwin units saw the largest rise in gross rental yields through 2024, rising 47 basis points to 7.9%, followed by Melbourne\u2019s unit sector with a 37-basis point rise in the gross yield to 4.8%.<\/p>\n

The unit markets of Perth (-71 basis points), Brisbane ( -54 basis points) and Adelaide (-36 basis points) have seen the largest falls in gross yields over the year.<\/p>\n

\"Yields<\/a><\/p>\n

<\/div>\r\n
<\/div>\n","protected":false},"excerpt":{"rendered":"

Rental markets finished the year on a softer note, with the national rental index up just 0.1% in the month of December to be 0.4% higher through the December quarter and 4.8% higher over the calendar year according to Corelogic. Source: Corelogic January 2025 CoreLogic\u2019s research director, Tim Lawless, said:. \u201cThis was the smallest December…<\/p>\n","protected":false},"author":117,"featured_media":186826,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[54,3,1118,1186],"tags":[],"class_list":["post-187452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-property-updates","category-property-investment","category-news-and-features","category-weekly_latest"],"acf":[],"yoast_head":"\nRental markets finish the year on a softer note<\/title>\n<meta name=\"description\" content=\"Rental markets finished the year on a softer note, with the national rental index up just 0.1% in the month of December to 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