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Rents are up by $60 per week when compared to average advertised prices in December 2022.
The latest PropTrack Market Insight report has revealed the rental situation across Australia for the December quarter 2023 – pointing to surging rents across the year that was.
Sydney, Melbourne and Perth led the charge price-wise over the year, reporting rental growth of 13.6 per cent, 14.6 per cent, and 12.7 per cent respectively when it came to houses.
Adelaide was not far behind, with advertised rental prices up by 12 per cent.
All in all, the combined capital cities saw advertised rents for houses climb by 12.7 per cent over the 12-month period, bringing the average advertised rent to $600 per week.
PropTrack economist Angus Moore has pointed to strong demand and extremely low vacancy rates as fuelling the increases.
While acknowledging the rent price growth as “very fast”, Mr Moore did state that “the good news for renters is that it was the slowest pace of annual growth since early 2022”.
“There are some signs that rent growth may be slowing, and some relief on the horizon. While rents are still growing very quickly, rent growth in 2023 was slower across the combined capital cities compared to 2022.
Looking ahead, he does forecast a “slightly better” outlook – especially for the regions, which saw average growth of just 6 per cent across the country in the 12-month period.
“Median advertised rents have been stable for two consecutive quarters, sitting at $500 per week since June,” he flagged.
“As we head into what is typically the busiest time of year for rental markets in January, renters will, unfortunately, continue to face growing rents. There may be some relief on the horizon, with signs that growth is starting to ease.”
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