CoreLogic RP Data has released its country-wide regional rental report which confirmed rental market conditions outside of the capital cities remained weak over the September 2015 quarter.
House rents were flat to falling over the quarter across each of the regional markets, with weekly rents down the most over the quarter in regional WA (-2.6%), regional NT (-2.1%) and regional Victoria (-1.7%).
The remaining capital cities all recorded flat condition over the three months ending September 2015.
Weakness across Australia’s regional rental markets continued over the September 2015 quarter, with detached house rents recording no increase over the quarter and regional rents falling in Western Australia (-2.6 per cent), Northern Territory (-2.1 per cent) and Victoria (-1.7 per cent).
For units, regional Tasmania was the only market to see rents rise, up 2.2 per cent over the three month period.
On a year-on-year basis rents rose across some of the regional rental markets, however the performance as a whole remains relatively weak.
The strongest performance by far was across regional Tasmania, where rents rose by 2 per cent for houses and by 4.5 per cent for units.
On the other hand the most substantial fall in rental rates, relative to September last year, were across Northern Territory, where house rents are down -6.0 per cent over the year and units by a greater -6.5 per cent.
Furthermore, rents are down by -5.6 per cent across the regional Western Australia unit market.
Highest rental growth regions (houses)
NSW – Northern rents increased by 3.3% over the quarter to $310/week
VIC – Wimmera rents increased by 3.3% over the quarter to $238/week
Qld – West Moreton rents increased by 5.0% over the quarter to $318/week
SA – Eyre rents increased by 0.9% over the quarter to $288/week
WA – South Western rents increased by 3.1% over the quarter to $330/week
TAS – Southern rents increased by 1.9% over the quarter to $265/week
Highest rental growth regions (units)
NSW – Mid-North Coast rents increased by 3.2% over the quarter to $320/week
VIC – Wimmera rents increased by 2.5% over the quarter to $205/week
Qld – South West rents increased by 11.8% over the quarter to $308/week
SA – Outer Adelaide rents increased by 4.0% over the quarter to $260/week
WA – Central rents increased by 5.6% over the quarter to $265/week
TAS – Mersey-Lyell rents increased by 4.5% over the quarter to $230/week
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