Relief for renters as rates fall

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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Relief for stranded Rotto travellers

Relief is on the way for stranded holidaymakers on Rottnest Island after a major ferry service decided to brave dubious weather conditions this weekend.

Rottnest Express had cancelled services until Monday, after forecasts of gale-force winds. It left up to 200 people stranded on the island until at least Monday, after the other operator, Oceanic Express, also decided against taking to the sea this weekend.

But Rottnest Express today decided to run skeleton services this weekend, with four trips to the island, and two back, tomorrow and Sunday.

Chief executive Tim Crosland said the company believed it had an obligation to always provide services “if safe”.

Each scheduled journey would be assessed on the prevailing weather conditions, he said.

Oceanic Express is running a service today for pre-booked passengers.

Source www.watoday.com.au

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