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RELIEF may be in sight for renters who have been hit in the hip pocket by skyrocketing rents over the past few years.

There has been a small decrease in rental rates across Australia’s capital cities over the June quarter, suggesting rental yields may have hit their peak, leading property statistics agency RP Data says.

Weekly house rents fell by 3.5 per cent nationally over the June quarter while unit rents dropped 0.6 per cent.

The largest fall was in the Canberra market with a drop of six per cent for the June quarter in the housing market, where the median weekly rent fell from $530 in March to $498 in June.

The only mainland capital city to experience a nearly six per cent rise in rent was Darwin, where renters can expect to fork out about $100 more per week than those in Sydney, where rents dipped by about five per cent.

“It now appears that the rental market may have peaked with national weekly median rents falling slightly in each month post March 2009,” RP Data’s Tim Lawless said in a statement.

“And with rental rates now coming off the boil and property values rising we are seeing the first signs that rental rates are eroding.”

Rental vacancies remain tight across the nation with all capitals recording less than three per cent vacancy in stock.

Source  :   www.news.com.au  
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Hardly  a drop of rain has fallen on Perth as the city feels the second hottest start to the year on record.  rain9-753879

Perth has broke the record for the sunniest May on record today since 1876. 

Forecast shows that showers are coming to Perth about 3am tomorrow and continue until late Thursday.

Temperatures are going as low as 18 C forecast for Friday and chilly 17 C on Saturday.

Just 20mm of rain has fallen in Perth since January 1, less than half the first-quarter average of 42mm compared to last April 

The bureau expects below-average rainfall in the South-West to continue until June.

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