Eliza Owen, head of residential research at CoreLogic, reported on the latest trends in Australia’s rental market, highlighting a significant rise in median weekly rent values, now at a record $627 across all dwellings.
The increase spans from Sydney’s top rate of $770 per week to Hobart’s $547, marking a new pinnacle in the rental landscape, Owen said in CoreLogic’s latest Pulse article.
Accelerating rent growth in early 2024
Following a period of relative stability, rent growth has picked up speed again at the start of 2024, with the national annual rent growth increasing from 8.1% in October 2023 to 8.5% in April. Even in areas where rents had previously been declining, such as Canberra and Hobart, there is now evidence of stabilisation and growth.
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