RESIDENTIAL PROPERTY
ONCE again Australia’s median rent has hit a new record high, after a 0.8% increase over April, as the rate of growth picks up again in 2024...
According to CoreLogic’s latest Rental Market Update, the national median rent value rose to $627 per week in April, for a high of $770 per week in Sydney and low of...
With the pace of annual rent growth gaining momentum in the start of 2024, national growth went from a recent low of 8.1% in October last year to 8.5% in...
“Even markets where rents had been falling are now showing values start to steady, or increase again,” said Eliza Owen, head of research Australia at CoreLogic...
“Canberra house rent falls bottomed out at -3.4% in the year to September, though rents have been rising over the past seven months, taking the market back into...
At the same time, annual growth in the regional unit rents hit 5.0% in the year to September before rising back to 6.9% in the 12 months to April...
“Part of the reason for the re-acceleration in rents nationally could be due to renters being forced into more affordable, peripheral housing markets as they become priced out of...
“Areas where rents are slightly lower may offer more space for group households or have slightly less competitive rental conditions which are potentially being more targeted by...
With growth reaccelerating most strongly in greater capital city areas within 30-40km of city centres, between October 2023 and this April...
“While these outer-suburban markets are seeing the most rapid re-acceleration in rents, the pickup in rent growth has been fairly broad-based, with only rent markets within...
Demand is continuing to outstrip supply across Australia’s rental market at large, with average household size continuing to decline to 2.50 people in June 2023, according to...
With net overseas migration in the year to September coming in just below 550,000 and temporary visa holders—who occupy the rental market—accounting for over...
“Given there is little that can be done on the supply side for renters in the short term, reprieve in the rental market is most likely to come from a moderation in net overseas migration...
“Centre for Population forecasts indicate this could occur from next financial year. Until then, renters may be seeking more shared accommodation, or exploring cheaper...