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Rents Keep Rising

Rents Keep Rising

After price growth of 8.1% in 2023, Australia’s property market may finally become a buyer’s market in 2024 – albeit only for a brief period.

Rents are expected to keep rising in 2024, as new analysis reveals tenants are paying up to 11.5% more than they were at this time last year.

Data from PropTrack shows record low vacancy rates are continuing to drive rents up.It says rents in the combined capital cities are up even higher, 13.2%, with tenants paying an average of $600 a week.

PropTrack senior economist Angus Moore says there are some signs rental increases are starting to slow in some areas.

“But we’re still seeing very strong growth in places like Perth, Sydney and Melbourne. So, we’re far from out of the woods for renters,” he says.

Median asking rents for houses were highest in Sydney at $750 per week and lowest in Melbourne and Hobart at $550 per week.

The ACT had a median asking rent of $680 per week for houses, Darwin, $660, Brisbane and Perth $620, and Adelaide was $560 per week.

“Rents have been growing very quickly, and we would expect that to continue in at least the near term,” Moore says.


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