With housing firmly at the centre of the federal election campaign, new data shows rental prices continue to rise. Up 1.7% nationally over the March quarter.
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TVTranscript
00:00The price of renting a property in Australia
00:04has gone up right across the country,
00:06with the latest data showing an increase from 0.4%
00:10in December to 1.7% in the last quarter to March.
00:14Now, economists are describing this as a seasonal spike
00:17as university students returned back
00:19to study at the beginning of this year
00:22and also likely contributed to the rise in the price
00:26of renting an apartment or a unit which rose to 2.3%
00:31compared to houses which only rose by 1.4%.
00:35Now, if we take a closer look at the states and territories,
00:38we can see that Hobart took the lead
00:40with the highest increase in rent prices at 2.3%,
00:44followed by Perth at 2.2%, Brisbane up by 1.9%,
00:48Adelaide up by 1.8%, followed by Canberra up by 1.5%,
00:53Sydney up by 1.4%, Melbourne up by 0.8%
00:57and a slight increase for Darwin at 0.3%.
01:01Now, while Hobart had the biggest increase in rent,
01:04it still remains the most affordable city to live in,
01:07with the average place costing $574 a week,
01:11and Sydney still remains the most expensive city to live in,
01:15with the average place costing $781 a week.
01:20Now, there was also some data released today
01:23from the Australian Housing and Urban Research Institute
01:28that revealed half of all investments are being sold
01:31within two years of tenants living in them,
01:34and that's mainly affecting young people aged between 25 and 34 years old,
01:39which is a cohort most likely to buy a rental property,
01:43but also most likely to sell it faster than other age groups.
01:49Now, experts say that this comes down to the instability of things like interest rates on home loans,
01:56and when it does come to landlords or investors who keep their properties for longer periods of time,
02:02the report showed that it's usually people aged in their late 40s, early 50s, married,
02:09and also have a higher income than other demographics.
02:12So, the report really highlighted the need for more financial education programs,
02:17as well as risk assessments to help keep young investors in the market for longer.
02:22Thank you!
02:32For more information, visit our website, visit www.fema.org.