RESIDENTIAL PROPERTY
AUSTRALIA’S rental market which has reached a new record high, with the median rent value surpassing $600 per week...
According to CoreLogic, last month saw the national median rent value $601 per week, reflecting an annual rent of $31,252...
This marks a total annual rent increases of 8.3% nationally and is a series high for CoreLogic’s Rental Pulse series...
Since August 2020, when the national median rent was at $437 per week, annual rent has increased by over $8,000...
“Recent growth in rent values, which averaged 9.1% a year for the past three calendar years, stands in stark contrast to the average annual growth rate of 2.0% in the 2010s,”...
This change has been driven by a significant drop in the average household size, an increase in the Australian population since borders reopen and a shock to...
On top of landlords passing on record interest rate rises to tenants, the share of social housing amongst all dwellings has also been declining...
“Rent value increases have broadly outpaced wage and income rises at the national level, meaning rental affordability has also deteriorated,”...
“The portion of gross median household income required to service median rent rose from 26.7% of income in March 2020 to 31.0% in September last year...
While the latest data from the ABS indicates median gross household income was 41.8% lower across renting households than owner occupiers with a mortgage...
While annual growth in rents is higher than historic averages, growth is slowing. With 2023, seeing rents climb by 8.3%, down from a peak of 9.6% in the year to...
The slowdown in pace was most pronounced in regional Australia, with rents growing by 4.3% in 2023, down from a 13.4% in the year to August 2021...
Capital city rent growth has only recently begun to slow, falling off from the recent peak of 10.6% in the 12 months to April 2023, to 9.8% by the end of the year...
“The easing in rent growth is good news with regard to inflation, but there was a slight pick-up in annual growth once again in the final quarter of 2023...
“Despite the concerning reacceleration toward the end of 2023, rent growth is still expected to slow this year. The continued increase in investment lending, a normalisation in..