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Rent Hits Record High

The latest data reveals a record high in the median weekly rent across Australia, rising to $627. From Sydney commanding $770 per week to Hobart's $547, rental costs vary across the nation.

Here's a glimpse of median weekly rents and their fluctuations:

• Sydney: Leading at $770 with a 9.0% annual increase.
• Melbourne: Stands at $589, marking a 9.6% annual growth.
• Brisbane: Registers $649, showing an 8.5% annual uptick.
• Adelaide: Sits at $589, boasting a 9.1% annual rise.
• Perth: Surges to $669, demonstrating a substantial 13.6% annual growth.
• Hobart: Holds steady at $547, with a marginal annual decrease of -0.2%.
• Darwin: Records $617, reflecting a 3.5% annual rise.
• Canberra: Stands at $674, showing a 1.8% annual increase.
• Combined capitals: Reach $659, indicating a 9.4% annual rise.
• Combined regionals: Stand at $540, with a 6.4% annual growth.
• National: $627, showcasing an 8.5% annual increase.

Amid concerns about affordability, annual rent growth is gaining momentum nationwide. Even markets that saw declines are now stabilising or rebounding.

Regional areas are witnessing an upward trend in rental growth:

• Regional unit rents climb from 5.0% to 6.9% annually.
• Regional house rents surge from 3.4% to 6.2% annually.

Renters are exploring more affordable options in peripheral markets. Outer-suburban areas near city centers, such as Campbelltown in Sydney, are experiencing rapid rent growth.

While some markets are below peak records, the overall rental market remains resilient. Factors like household size trends and migration patterns continue to shape rental dynamics.

Opportunities for rental market stabilisation are on the horizon as migration patterns normalise post-COVID. Understanding these trends empowers renters and landlords to navigate the market confidently.

From record highs to regional nuances, Australia's rental market reflects a dynamic interplay of supply, demand, and evolving preferences. Stay informed to make informed decisions in this ever-changing landscape.

If you would like a rental update on your property, please contact us on 02 9999 0800.

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Data and statistics from CoreLogic's RP Data.