Hottest suburbs for rental gains announced in Victoria, New South Wales and South Australia
The Australian Property Investor has identified the top locations in Australia with the biggest rental asking prices over the past 12 months and Victoria came out as the clear leader for houses.
The data looked at three-bedroom houses within 20 kilometres of a capital city, along with two-bedroom units within 10 kilometres.
Australian Property Investor deputy editor Lauren Day said the biggest rental gains for three-bedroom houses seem to have been found in Victoria, New South Wales and South Australia and for units, just about every state got a call up.
In Victoria the suburbs of Spotswood, Highett, Windsor and Carlton filled the first four places for the biggest increase in asking rental prices.
Day explained that some suburbs, such as Highett, used to have a “stigma”, but that’s no longer the case. “It’s for this reason that the asking median rental price there has jumped a massive 16%.”
In Sydney, Randwick, Rockdale and Neutral Bay had the biggest rental gains, followed by Leichhardt, Mosman, Oatley and Auburn.
Day said that areas like Mosman and Neutral Bay, have a limited amount of houses close to the CBD and “they have great amenities and offer an attractive lifestyle, pushing up rental prices.”
In Queensland, Woolloongabba, along with Kelvin Grove, Highgate Hill and Sherwood had the biggest rental gains for two-bedroom units and in Adelaide, rental properties in Oaklands Park and also Glenelg are in hot demand.
The news comes as the RBA released data which showed dwelling approvals are up 14.5% through the year after rising by 3% seasonally adjusted in August. Master Builders Australia chief executive Peter Jones Chief said the jump in building approvals must be seen as a positive in boosting new housing stock to keep a lid on house prices and ensure affordable home ownership.
“As the RBA says, supply factors are critically important – the supply response determines whether additional demand feeds into higher prices or not,” he said.
If you’re looking to enter the booming Australian property market, organise your mortgage pre-approval by searching the home loan market here.