Australia’s rental crisis is expected to worsen, with rents continuing to rise. PropTrack data suggests median rents are up 7% compared with the June 2021 Quarter.
That is the fastest pace of growth the market has experienced for seven years, with combined capital city house rents now averaging $500 per week and units $450. Rents in regional areas have hit $455 for houses and $395 for units.
PropTrack chief economist Cameron Kusher warns Australia is still at the start of the rental crisis.
“With overseas and interstate migration returning with borders now open, it seems likely that rental conditions will tighten further over the coming months,” he says.
Kusher says the total supply of rental properties is down 18% on a year ago.
Domain’s latest rent report shows both house and unit rents over the combined capitals have recorded their longest continuous stretch of rental price growth, with house rents rising for the fifth consecutive quarter and unit rents for the fourth.