Renters are bearing the brunt of skyrocketing housing prices as rents soar throughout the capital cities.
Advertised rents rose by 2.0 per cent within the June quarter to sit down at a median of $520 per week, in keeping with the newest report from PropTrack.
That’s an increase of 11.8 per cent up to now 12 months, with the median value of $465 per week in June final 12 months.
Capital cities led the cost for the rise, rising by 5.8 per cent throughout all of the majors to a median value of $550 per week within the June quarter.
Rents within the capital cities have risen by a “staggering” 17 per cent in a 12 months, led by Sydney and Melbourne.
“Rental markets continue to be extremely challenging for renters, with rents surging across much of the country amid strong demand and very limited availability,” report creator Angus Moore stated.
“This is especially true in Sydney and Melbourne, where weekly rents have increased significantly after falling in these cities during 2020 and 2021.”
Those hoping to discover a cheaper value by shifting right into a unit can be sorely mistaken, with giant will increase in the price of renting an house.
Sydney unit rents have risen by 19.0 per cent up to now 12 months, adopted by Melbourne at 17.5 per cent and Brisbane at 15.3 per cent.
Mr Moore predicts there may be extra ache to return for renters within the capitals, because the market stays tight, however some fortunate cities might escape the squeeze.
“Rents are likely to continue growing in capitals over the coming months, but with rental vacancy rates looking to have stabilised, and growth easing in some capitals, national rent growth may start to slow,” he stated.
Here is a state-by-state breakdown
NSW:
It‘s no surprise that NSW is the most expensive place to rent a property, with Sydney infamous for its sky-high home prices.
Sydney renters can be expected to fork out a median price of $620 per week for a dwelling after a 13.8 per cent rise in the past year.
Apartments are only marginally below that cost at a median $595 per week after a staggering 19 per cent increase in the past 12 months.
Those renting in regional NSW get to enjoy a reprieve from rising rental costs, with units remaining at the same median price and house rents decreasing by 3.6 per cent.
VICTORIA:
Melburnians are in the lucky position of having some of the lowest rental costs around the country.
Despite being in that position, the cost of renting a dwelling has increased by 4.3 per cent in the June quarter and by 11.6 per cent in the past year to sit at a median of $480.
Melbourne units are also becoming considerably more expensive to rent out, rising 17.5 per cent in the past 12 months to reach a median of $470 per week.
Country Victorians have also received a reprieve from rising rental costs, with the median price for dwellings and units not moving in the past quarter.
QUEENSLAND:
The cost of renting in the Sunshine State capital has now outstripped Melbourne, with a 14.9 per cent increase in the past year.
The common dwelling will set again a Brisbane renter $540 per week, whereas models value a median $490.
Rental costs for regional Queenslanders have gone backwards up to now quarter by round 1.0 per cent.
WESTERN AUSTRALIA:
Perth residents have copped the most important enhance in rental costs up to now 12 months, with dwellings going up by 15.6 per cent.
The common Perth dwelling will set residents again $520 per week in lease, with the price of a unit sitting at $470 per week.
Those in regional WA haven’t escaped rising prices, with dwellings going up by 11.1 per cent up to now 12 months to sit down at $500 per week and models rising by 13.9 per cent to achieve $450 per week.
SOUTH AUSTRALIA:
Prices have remained flat up to now quarter for Adelaide dwellings at a median of $480 per week, whereas models have elevated by 2.4 per cent to achieve $420 per week.
The bounce in the price of renting is greater up to now 12 months, with dwellings rising by 10.3 per cent within the final 12 months.
Source: www.perthnow.com.au
