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Rental Gains Raise Hopes For Improved Real Estate Market The Age 19 Jan 12

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  • 1. Age 19-Jan-2012 Page: 21 Business News By: Chris Zappone Market: Melbourne Circulation: 190750 Type: Capital City Daily Size: 156.44 sq.cms Frequency: MTWTF-- Rental gains raise hopes for improved real estate market CHRIS ZAPPONE SLUMPING home prices and both houses and units," APM For the year, unit rents rose prices. persistently poor housing senior economist Andrew 4.5 per cent in Sydney and "The fundamentals of the affordability helped lift Wilson said. 2.9 per cent in Melbourne. property market are starting quarterly rent yields for the The underlying demand "It has been a much less to reassert themselves." he first time in nine months, for affordable housing comes competitive rental market in said, with the shortfall in raising hopes for an after nearly a year of Melbourne than in other housing putting a floor under improved real estate market softening home prices. In the capital cities," Mr Wilson further price falls and this year. 11 months to November said. A wave of inner-city keeping activity ticking. National median weekly capital city home prices have unit construction, expected Economists remain rent for houses rose by sunk by 3.7 per cent but rose in Melbourne over the divided about how rapidly, if 1.1 per cent in the final 0.1 per cent in the month. coming year, will likely cap at all, the housing market will quarter of last year, while Despite the moderate falls in rents in the city. rebound on lower rates, rents for apartments and home prices, Australian Mr Wilson said Sydney given worries about the units rose 1.4 per cent, housing is considered some rents might soften slightly in European debt crisis according to Fairfax-owned of the least affordable by early 2012 in the aftermath of clouding the borrowing and Australian Property global standards. The a surge of first home buying spending decisions of Monitors. Both measures median home price stood at activity in the fourth quarter Australians. had been flat in the previous $450,000 in November. of 2011. First home buyers The Westpac-Melbourne two quarters. The quarterly rise in rents rushed to take advantage of Institute index of consumer "Increasing competition typically a sign of a robust the New South Wales stamp sentiment, released for properties, particularly property market masks duty concession for first yesterday, rose only 2.4 per from home buyers unable or unevenness across the home buyers, which expired cent in January, even after unwilling to enter the capitals, with house rents in at the end of December. the two interest rate cuts, property market has resulted Sydney increasing 4.2 per Mr Wilson believes the suggesting the mood of in rising rental prices over cent over 2011, while falling rate cuts will support both households remains wary. the December quarter for in Melbourne by 1.4 per cent rental growth and homeCopyright Agency Ltd (CAL) licenced copy Ref: 130334025