Rents in Australia’s Major Cities Up Again at 5 Percent

Published on April 11, 2024

Many in Australia are already facing severe economic pressure and the news just keeps getting worse for those who do not own a home, with the latest figures revealing the fastest growth in asking rents for 17 years. According to real estate market intelligence company Domain’s quarterly rental report, in the year to March, the median rental across Australia’s capital cities rose by nearly 5 percent to $630 per week against the January figure of $601 per week. The increase was also felt significantly in other urban areas across Australia, where rents jumped 3.3 percent to a median of $620 per week. Rental prices in Australia have been on the rise in recent years, driven by a combination of factors including population growth, supply shortages, and increased demand for rental properties....