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Thursday, January 14, 2010
Rents to increse in 2010
According to APM, Sydney rents could hit a rate of 4.4 per cent - more than double the rental growth seen in 2009. Melbourne’s rents are expected to rise by five to 7 per cent. Perth will experience the biggest climb in rental prices and has predicted 11 per cent growth in the city.
But while Mr Bell said a strong lift in rents is likely this year, property managers and landlords reported that the market had remained soft so far this month, which is typically the busiest month for the rental market.
Chris Rolls, managing director of the Gold Coast and Brisbane residential property manager Rental Express, said: "We have found this is the slowest start to the year for the last five years."
Mr Rolls, who owns a four-bedroom rental property in Brisbane suburb Kelvin Grove, said the contract for the property came up for renewal in 10 days and he had opted to keep the rent at $520 a week in the hope that the current tenants would not leave.
2009 was the weakest year for rental growth since 2002.
The 2 per cent increase nationally was well down on the average rate of 12 per cent for 2007 and 2008.
Mortgage market slumps
with kind permission - real estate business online Interest rates current 14 January 2010 and are subject to change at any time. Introductory 12 months Standard bank variable
5.55%pa
Basic variable
5.93 %pa
5.99%pa
Fixed 1 Year
6.19%pa
2 Years
6.94%pa
3 Years
7.39%pa
4 Years
7.59 %pa
5 Years
7.74%pa
7 Years
8.04%pa
10 Years
8.04%pa
15 Years
8.44%pa
with kind permission - bob wigley home loans
According to the latest housing finance data released by the Australian Bureau of Statistics (ABS) yesterday, there was a 6.2 per cent drop in the number of approvals for new home loans.
The negative data has cast doubts over whether or not the Reserve Bank will hike interest rates again when they meet on February 2.
Real Estate Institute of Australia (REIA) president David Airey said the 4 per cent drop in the number of first home buyer commitments as a percentage of total was not unexpected. “This is exactly what the REIA said would happen as the First Home Owners Grant Boost (FHOG Boost) was phased out and the Reserve Bank of Australia (RBA) began its series of interest rate increases,” Mr Airey said.
- real estate business daily