Rent climbed at its fastest pace in more than a decade, with weekly payments up 10%, new data shows.
Although the CoreLogic National Rent Index, released on Monday, indicates some relief in the previous quarter – 3.41% in the June quarter, down from 3.55% in the March quarter and 3.73% a year earlier – rental rates at l nationwide grew 6.6% in the past 12 months, the highest annual growth since the 2009 global financial crisis.
The median rent for homes and units jumped to $ 476 per week in June, an increase of 6.6% from the same period last year.
Regional rents recorded the largest annual increase on record, with a median figure rising 11.3% to $ 441, largely due to sea changes that shifted during the pandemic.
CoreLogic’s head of research in Australia, Eliza Owen, said rental prices now reflect housing upturn.
“After subdued rental performance for much of the 2010s, the Australian rental market has seen a rise in values ââdue to many of the same factors that have led to the current rise in house prices,” she said. declared.
âThe increased government stimulus measures thanks to Covid-19, the accumulated savings of households during the lockdown periods, the rapid economic recovery seen as the loosened restrictions and the lack of rental supply in some markets have also exacerbated the increases in rental prices, especially in major centers in regional Australia.
New South Wales Tenants Union chief executive Leo Patterson Ross said he was concerned about regional rents, especially for tenants vulnerable to eviction who might not be able to to afford a new rental property.
“I think the people who are renters in particular are really upset and worried because they are being asked to leave their properties,” he said.
Rents in the capital rose 5% more modestly (to 492) during the year.
Perth’s median rent jumped 16.7%, while Darwin’s rents skyrocketed again (up 21.8% last year).
Canberra remains the most expensive city ($ 620) and Adelaide the most affordable ($ 430).
Rents rose in Brisbane, Adelaide, Canberra and Hobart, up 7-9% from last year.
Melbourne, which has suffered prolonged lockdowns, saw its median rent drop to $ 444 (down 1.4% last year).