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Property values, rent almost on par

Australian property prices have risen at almost the same rate as rent rates over the last five years, recent RP Data research has shown.

Rent rates and the price of Australian property have increased almost at the same rate over the last five years, recent research has revealed.

Conducted by RP Data, the research shows that property values across the country's state capital cities increased by an average of 40.5 per cent for houses and 42 per cent for units over the last five years, API magazine reports.

In monetary terms, house values have increased by almost $140,000 (£85,947) over the past five years and unit values by around $123,000 (£75,511).

Over the same period, rental rates for houses increased by 41.2 per cent and rose by 46.6 per cent for units.

This equates to an increase of around $127 (£78) a week for houses and $135 (£83) a week for units.

Last week, figures published by the Australian Bureau of Statistics showed that the value of owner-occupied housing finance commitments reached $13.7 million (£8.6 million) by the end of September.

Posted by Ravin Chatlani

- property, rent, prices, value, ABS

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