Oz rental sector surges to buck price falls

Australia’s residential rental sector is strengthening in contrast to the poor performance in home values, according to new figures.

The Australian Bureau of Statistics recently revealed that rents have increased by between four and five percent so far this year.

And Ben Skilbeck, managing director of real estate funds management firm Rismark, said the rental sector offered a tonic to sliding property prices.

“While homeowners and property investors have endured a 2.8% tapering in actual home values over the course of 2011, rental growth has been very solid,” he said.

Earlier this week OPP reported how Australia’s property prices are sliding at an accelerating rate.