While rental rates remain at record highs in Sydney and Melbourne, rents are lower than their previous peaks in all remaining capital cities. The decline in dwelling rents from peaks are recorded at: -0.9% in Brisbane, -1.2% in Adelaide, -12.8% in Perth, -0.1% in Hobart, -15.6% in Darwin and -7.4% in Canberra.

1. FOR IMMEDIATE RELEASE
Thursday 7 April, 2016
Annual capital city rental change in decline and now lowest since
1996
Weekly rents increased by a mere 0.2% at a combined capital city level in
March. Despite the monthly increase in rents, rental rates across the
combined capital cities are -0.2% lower over the past year.
Over the year, Melbourne recorded the biggest increase in rental rates at
2.0 per cent followed by Sydney at 1.4 per cent, Canberra 1.2 per cent and
Hobart 0.3 per cent. On the flipside, the cities to see a drop in rents
included Darwin -11.5%, Perth -8.4 per cent, Adelaide -1.0%, and
Brisbane with a -0.7% drop.
In its March Rental Review out today, CoreLogic RP Data analysts
confirmed that the combined capital city house rents were recorded at $489
per week in March 2016 while unit rents were $469 per week. Over the
past month, house rents have increased by 0.1% and unit rents by 0.4%
and over the past three months, house rents rose 0.5% compared to a 0.9%
rise in unit rents.
The March results show that recent rental increases are likely to be
seasonal which is further highlighted by the fact rents are lower over the
year. Over the past 12 months, house rents were -0.5% lower and unit
rents increased by 1.5%. Research analyst Cameron Kusher said, “It is
important to note that a much higher proportion of total unit stock is rented
compared to housing stock.”
“We have been tracking the annual change in capital city rents since 1996
and this is the first time we have seen rental rates falling.”
“The extra accommodation supply, as a result of the current building boom,
along with the recent record high levels of investment purchasing is adding
substantial new dwelling supply to the rental market at a time when the rate
of population growth is slowing from quarter to quarter. Furthermore,
wages are increasing at their slowest annual pace.”
“Today’s results also highlight a swift easing in rental market conditions
over the past year. We’ve attributed this ease to a variety of influences
such as falling real wages, excess rental supply in certain areas and lower

2. rates of population growth which have impacted on demand for rental
accommodation.”
“With dwelling approvals recently at record highs, construction activity set
to peak over the next 24 months and many new properties still to settle, the
rental demand weakness is expected to persist. In all probability, there
won’t be much scope for landlords to lift rental rates given current
conditions have given greater negotiation opportunities to those in rental
situation.”
Rental Index results as at March 31, 2016
CHANGE IN RENTS YIELDS
Region Current Month Quarter YoY Current 12 Months Ago
Sydney $601 0.4% 0.9% 1.4% 3.4% 3.6%
Melbourne $455 0.4% 1.0% 2.0% 3.1% 3.3%
Brisbane $431 0.1% 0.1% -0.7% 4.3% 4.6%
Adelaide $364 -0.4% 0.2% -1.0% 4.1% 4.3%
Perth $441 -0.3% -0.9% -8.4% 3.8% 4.1%
Hobart $342 0.3% 1.2% 0.3% 5.1% 5.3%
Darwin $511 1.1% 0.1% -11.5% 5.2% 5.8%
Canberra $499 -0.3% 0.3% 1.2% 4.1% 4.2%
Combined
Capitals $486 0.2% 0.6% -0.2% 3.5% 3.7%
While rental rates remain at record highs in Sydney and Melbourne, rents
are lower than their previous peaks in all remaining capital cities. The
decline in dwelling rents from peaks is recorded at: -0.9% in Brisbane, -1.2%
in Adelaide, -12.8% in Perth, -0.1% in Hobart, -15.6% in Darwin and -7.4%
in Canberra.
Ends. For additional information contact our media communications team on 1300 472
767. Mitch Koper
About CoreLogic
CoreLogic Australia is a wholly owned subsidiary of CoreLogic (NYSE: CLGX), which is the largest property data and analytics
company in the world. CoreLogic provides property information, analytics and services across Australia, New Zealand and Asia,
and recently expanded its service offering through the purchase of project activity and building cost information provider Cordell.
With Australia’s most comprehensive property databases, the company’s combined data offering is derived from
public, contributory and proprietary sources and includes over 500 million decision points spanning over three decades of
collection, providing detailed coverage of property and other encumbrances such as tenancy, location, hazard risk and related
performance information.
With over 20,000 customers and 150,000 end users, CoreLogic is the leading provider of property data, analytics and related
services to consumers, investors, real estate, mortgage, finance, banking, building services, insurance, developers, wealth
management and government. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory
and geo spatial services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and

3. mitigate risk. CoreLogic employs over 650 people across Australia and in New Zealand. For more information call 1300 734 318 or
visit www.corelogic.com.au
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