Australians skilled the quickest annual improve in rental costs on report

key takeaways

Key takeaways

The nation has seen the steepest annual rental improve on report, at 14.6% for homes and 17.6% for items throughout the mixed capitals.

Home and unit rents are at report highs throughout all cities, aside from Darwin and items in Perth.

Throughout the mixed capitals, the tempo of quarterly development has eased in comparison with earlier in 2022. This implies the seasonal elevate in provide is easing rental circumstances marginally or an affordability ceiling is being reached by tenants.

Whereas there was a seasonal elevate within the variety of vacant rental properties, tenants will discover that alternative stays restricted on account of traditionally low vacancies for the month of December.

2022 has been a record-breaking yr for the rental market, in line with the newest Domain Rent Report.

Really, this quarter, the rental market has turn into terribly tight with tourism, abroad migration and international college students putting better stress on provide as demand will increase.

This continues to gas the landlords’ market placing elevated stress on tenants in lots of elements of the nation.

Curiously, home and unit rents grew to new heights over the December quarter and noticed their largest-ever annual improve throughout the mixed capitals.

That is the longest stretch of steady rental worth development as home rents rise for the seventh consecutive quarter and unit rents for the sixth.

Combined Capital Quarterly Change In Weekly Asking Rents

Dr Nicola Powell, Area’s Chief of Analysis and Economics commented:

“Nationally, asking rents are at historic highs throughout all cities (aside from Darwin and items in Perth), rents are rising on the quickest annual tempo ever seen throughout the mixed capitals and the variety of vacant rental properties is at an all-time low for the month of December.”

our capital cities

Sydney’s record-breaking streak continued over the December quarter with unit rents reaching a brand new excessive at $575 per week.

In reality, for the primary time since September 2020, Sydney is the most costly metropolis to lease a unit.

Rent Prices Quarterly And Yearly Change For Houses

Sydney’s steepest development in home rents since 2008 got here to an abrupt halt over the December quarter, holding at a report excessive of $650 per week.

This has slowed the tempo of annual development for the primary time in 18 months however stays excessive relative to earlier years.

In the meantime, Melbourne’s longest stretch of rental worth development in fifteen years (since 2007-08) for homes and items continued over the December quarter, marking the fifth consecutive quarter of rising rents.

Hire costs, quarterly and yearly change for items

Rent Prices Quarterly And Yearly Change For Units