๐ฃ๐ฟ๐ผ๐ฝ๐ฒ๐ฟ๐๐ ๐๐ป๐๐ฒ๐๐๐ผ๐ฟ๐ ๐ ๐ฎ๐ธ๐ฒ ๐ฆ๐๐ฟ๐ผ๐ป๐ด ๐ฅ๐ฒ๐ป๐๐ฎ๐น ๐๐ป๐ฐ๐ผ๐บ๐ฒ ๐๐ฎ๐ถ๐ป๐
Australia's median weekly rent hit a record $627 at the end of April, after rising 8.5% year-on-year, according to CoreLogic.
That's up from a recent low of 8.1% in October 2023.
โRather than rent increases being limited by affordability constraints, annual rent growth has once again started gathering pace at the start of 2024,โ CoreLogic's head of residential research, Eliza Owen, said.
โPart 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 more desirable and central metropolitan locations. 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 prospective tenants.โ
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