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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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1 July 2009 Legislation Change                                                                                                                           

From 1 July 2009, the Migration Regulations 1994 (‘the Regulations’) are amended to provide Retirement visa holders with full work rights by removing mandatory condition 8104 from the visa.

Current visa holders will not automatically receive the benefit of this change.

Retirement visas granted before 1 July 2009 will still have limited work rights (up to 20 hours per week).  Access to the no work limitation will take effect when the visa holder next renews his or her Retirement visa.

Source  :   www.immi.gov.au

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