Where Rents Are Rising Fastest
Australia’s median rent has now hit $627 per week, although many tenants are paying more than that according to a new analysis by CoreLogic.
It says the lowest median rent in Australia is $547 per week in Hobart, while the highest is $770 per week in Sydney. Rents are also rising in the regions with a median of $540 per week.
CoreLogic, head of research, Eliza Owen, says renters are being forced into more affordable, peripheral housing markets as they become priced out of more desirable and central metropolitan locations.
In the capital cities, Perth had the strongest rental growth, up 13.6% to $669 per week in the past 12 months, Melbourne was up 9.6% ($589), Sydney, 9% ($770) and Adelaide, 9.1% ($589).
Brisbane rents increased by 8.5% to $649 per week, Darwin is up 3.5% to $617 and Hobart was the only market where rents dropped in the past 12 months, it was down 0.2% to $547.
