From The Age :
http://www.theage.com.au/news/natio...e-top-of-nation/2008/05/16/1210765176395.html
"MELBOURNE has topped the nation for the steepest rise in rents for houses and units over the past year. It underlines the city's rental crisis, placing further pressure on governments to increase the supply. And the situation could get worse. About 1500 people a week are expected to move to Melbourne, with experts predicting the population will hit 6.2 million by 2020 — a decade earlier than forecast a few years ago.
The poor investment climate is also reducing the availability of new homes as investors seek higher returns elsewhere.
Research by Residex shows that for the year to April the median weekly rent for a house in Melbourne increased by 22.95% to $375, eclipsing all other capital cities. Sydney recorded a 19.05% rise in rents.
Rent for a typical house in Perth lifted 18.64%, and in Brisbane the increase was 6.25%.
It was the same story for units. Melbourne posted the biggest gain for the period, with the median rent racing 18.52% higher to $320. In Sydney the weekly rent for a unit rose 9.46% to $405.
John Lindeman, chief property analyst at Residex, said Melbourne's population was growing at a faster rate than the national average, with those locked out of the housing market forced to rent, driving up prices. "And it could get worse for that reason," Mr Lindeman said. "Combine that with new arrivals into the city, and I think that will drive up rents..........."
http://www.theage.com.au/news/natio...e-top-of-nation/2008/05/16/1210765176395.html
"MELBOURNE has topped the nation for the steepest rise in rents for houses and units over the past year. It underlines the city's rental crisis, placing further pressure on governments to increase the supply. And the situation could get worse. About 1500 people a week are expected to move to Melbourne, with experts predicting the population will hit 6.2 million by 2020 — a decade earlier than forecast a few years ago.
The poor investment climate is also reducing the availability of new homes as investors seek higher returns elsewhere.
Research by Residex shows that for the year to April the median weekly rent for a house in Melbourne increased by 22.95% to $375, eclipsing all other capital cities. Sydney recorded a 19.05% rise in rents.
Rent for a typical house in Perth lifted 18.64%, and in Brisbane the increase was 6.25%.
It was the same story for units. Melbourne posted the biggest gain for the period, with the median rent racing 18.52% higher to $320. In Sydney the weekly rent for a unit rose 9.46% to $405.
John Lindeman, chief property analyst at Residex, said Melbourne's population was growing at a faster rate than the national average, with those locked out of the housing market forced to rent, driving up prices. "And it could get worse for that reason," Mr Lindeman said. "Combine that with new arrivals into the city, and I think that will drive up rents..........."
. 
