The rental market in Australia hit a record high. Let’s understand key statistics & grab some key takeaways:
- Most capitals reported significant rises in annual house rents to January 2023, with Brisbane the top performer, Sydney up 16.7%, and Perth rising by 15.6% over the year.
- 2023 has commenced with record high rents and low vacancy rates in capital cities, despite the usual impact of the long January holiday season.
- Unit rental markets in Sydney, Melbourne, and Hobart reported mostly higher rents over January.
- Rental accommodation demand will continue to outstrip supply as first-home buyers are restricted by higher interest rates and surging migrant numbers seeking homes.
Rental Market Analysis – Median Weekly Asking Rents for Houses
You might also like:
> 8 Best Selective High Schools In Sydney
> How To Get A Job In Australia As A New Immigrant?
> The Difference Between Middle Class, Rich And Poor
Rental Market Analysis – Median Weekly Asking Rents for Units
Rental Market Outlook
- Demand for rental accommodation will continue to outstrip supply as higher interest rates restrict first-home buyers and surging migrant numbers seeking homes.
- Home rents are set to increase over the remainder of 2023 with the rates of growth only restricted by tightening household budgets and falling real incomes.
- Unit rents will continue to close in on house rents.
You might also like:
> Some Statistics To Visualize Property Market In Australia 2021
> North Sydney Walks. Highlights Of Newcastle, Hunter Valley & Central Coast
> What Happens On The Property Settlement Day
Disclaimer: Articles in this blog are just the author’s or authors’ personal opinions.
It may or may not be correct. Please do your own due diligence and seek professional advice according to your own personal circumstances. The author or authors cannot be held responsible/liable for any content in this blog.
*all images are for illustration purposes only
