Recent research from CoreLogic indicates that rent growth is beginning to stabilize after a remarkable 39% increase over the past four years. This surge, observed from August 2020 to June 2024, starkly contrasts with the previous four-year period, which saw a modest rise of just 5.4%.
Despite this easing, CoreLogic notes that the current annual rental growth remains significantly higher than the pre-COVID average across most capital cities.
In the 12 months leading to August 2024, Perth experienced the highest rent increase at 11.6%, followed by Adelaide at 8.4% and Melbourne at 7%.
Sydney’s rents rose by 6.4%, while Brisbane and Hobart saw increases of 6% and 3.7%, respectively. The Australian Capital Territory (ACT) recorded a rise of 2.7%, and Darwin’s rents increased slightly by 0.8%.
Notably, Sydney experienced a decrease of 0.3% in rents over the three months ending in August, marking the first decline during a rolling three-month period since October 2020, amidst the COVID-19 lockdowns.
