Where rents are rising the fastest in Australia - MASHAHER

Key Points

The median rent in Australia is now $627 a week, according to property data provider CoreLogic.
Median rents hit four figures in nine areas, the majority of which were in Sydney.
It comes after the National Housing Supply and Affordability Council launched its inaugural report

The median rent across the nation is $627 a week, ranging from $547 in Hobart to $770 in Sydney, according to property data provider CoreLogic.

The regional median was $540, driven by rises in house rents in regional Queensland and Tasmania.

Rents are going up faster in areas between 30 and 40km from city centres, CoreLogic head of research Eliza Owen reported.

“Part of the reason for the re-acceleration in rents nationally could be due to renters being forced into more affordable, peripheral housing markets as they become priced out of more desirable and central metropolitan locations,” she said.

But supply and demand pressures remain high across the nation and migration levels implied there were at least 200,000 new households in Australia, while only 173,000 new dwellings were completed to September last year, Owen said.

“Given there is little that can be done on the supply side for renters in the short term, reprieve in the rental market is most likely to come from a moderation in ,” she said.

Median rents were more than $1,000 in nine areas, with adjoining Cottesloe-Claremont suburbs in beachside Perth the only area outside Sydney to command four figures.

Rents in Pittwater, almost 25km from the CBD on Sydney’s northern beaches, were the highest at $1,335 per week, coming down half a percentage point since a peak in March.

Rents were still up 8.4 per cent annually in Pittwater, in line with the 8.5 per cent national increase.

The data comes after the National Housing Supply and Affordability Council launched its inaugural report on Friday, .

Significant housing shortfalls over three consecutive years and resumed migration contributed to all-time low vacancy rates in the rental market, leading to nearly 170,000 households waiting for public housing, the report revealed.

Source Agencies