Explore the latest developments concerning Australians face record-high.
Australians face record-high rents as agents see 'enquiries flooding in'
Domain says there has been renewed acceleration in rental growth across Australia's capitals. (ABC News: Gian De Poloni)
Domain's latest rental market report has revealed a renewed acceleration in rental growth across Australia's capital cities.
Combined capital city house rents increased by $20 over the June quarter, lifting annual growth to its strongest pace in almost two years.
The rental market is expected to remain tight in the coming months as government policy changes, low supply and interest rates affect rental affordability.
Australians are paying record-high rents across all the capital cities as low vacancy rates mean tenants are facing "a landlord's market".
The Perth suburbs where rent rose the most
Perth tenants are now paying record prices for rentals this quarter with the median price for a house in Perth reaching $750 – $50 more than the same time last year, as the market cements itself as the third most expensive in the country.
WA residents are now paying $150 more per week than those seeking to rent a home in Melbourne, while units have also risen to a median price of $700 per week.
However, Domain’s latest Rent Report revealed on Thursday that despite the high prices across Western Australia, the market has risen significantly slower than other states.
Over the June quarter, Perth’s rents lifted by 0.4 per cent – the equivalent of $3 per week and the least amount of all Australian states. Sydney house rents led the pack, surging by 6.3 per cent ($50) to $850 per week, followed by Darwin which saw a rise of 5.6 per cent ($40) to $760 a week.
YUNZII B75 PRO 82-Key Wireless Mechanical Gaming Keyboard, Gasket Hot Swap Custom RGB 75% BT/Type-C/2.4G Creamy Knob Keyboard
‘It’s a lot’: Sydney renters overwhelmed amid record rent rises
Insurance pricing analyst Suvitti Deo has been forced to move several times since she relocated from Canberra to Sydney nearly three years ago, and with each apartment lease, she’s been required to pay a little bit more.
“It’s the biggest expense I have. It’s 40 per cent of what I earn each week. Yeah, it’s a lot. I wish I was paying a lot less than what I’m paying now,” the 25-year-old said.
Gift 5 articles to anyone you choose each month when you subscribe.
For more detailed information, explore updates concerning Australians face record-high.