Apartment appeal may be on the increase
Recent research suggests that demand for inner-city apartments is on the rise.
Australian Property Monitor’s (APM) quarterly report for June 2012 had Sydney topping the charts in both demand and expense, with prices there having risen by 4.4 per cent and translating into a weekly average rental price of $470.
Property owners will welcome that news.
While action in Sydney was well above that of the rest of the nation, the general picture, as observed by property managers, reflects growing interest from tenants for apartments that are typically located closer to the CBD and provide more established urban infrastructure.
While the weekly rent is less than in Sydney, in Perth and Darwin they increased dramatically by 8.6% and 8.7% respectively according to the APM report; and of the capital cities, Melbourne had little to no hike in prices. In Brisbane, where there are many new apartment planned or under construction in inner-city suburbs, there was a fall of 1.4 per cent in unit rents over the June quarter but this remained unchanged over the 12-month period. Canberra unit rents rose 2.3 per cent over the quarter.