Australian rents soar to record highs as housing crisis bites

National median rents for Australians have reached record highs, CoreLogic data shows.

The median rent rose to $601 per week in December, or $31,252 a year, and increase of more than $160 since August 2020.

Average rent growths were 9.1 percent over the past three calendar years compared with 2 percent in the 2010s. Sydney recorded the highest median rent at $745 per week, while Hobart was the lowest at $535. Hobart recorded a -3.5 percent drop in median rents. Along with Canberra, which fell -1.9 percent, they were the only markets to experience a decline.

Author of the Rental Market Update and head of research Australia at CoreLogic, Eliza Owen, said factors such as an upswing in migration numbers since 2022 and the overall decline in the average size of households were contributing factors to the rise in prices.

It noted that the reduction in available social housing had placed further pressure on the private rental market, especially at the lower end.

While the figures are alarming to renters, the report noted that the rate of growth has slowed compared with recent years. Last year, rent values rose 8.3 percent, down from 9.6 percent in the year to September 2022. The contrast is even greater in regional areas where rents increased by 4.3 percent last year compared with 13.4 percent in the year to August 2021.

“The easing in rent growth is good news with regard to inflation, but there was a slight pick-up in annual growth once again in the final quarter of 2023,” Ms Owen said in the report. “This ‘re-acceleration’ in rents was most consistent across the capital city house markets, but was also evident in regional rent markets.”

However, she said cost of living pressures were causing some renters to re-think household arrangements.

“As noted in previous quarters, part of the explanation for an uptick in house rent growth may be in part due to households re-grouping into share houses,” Ms Owen said. “Additionally, the premium of house rents over units has narrowed in the past two years, from $63 per week at the median level to $38.

“This ‘catch up’ in unit rents could be making them less appealing, diverting tenants back to houses.”

Artificial intelligence is rapidly reshaping business, investment and competitive advantage, and now Australia’s property industry is being told it cannot afford to sit on the sidelines.

International keynote speaker and AI strategist Justin Kabbani will headline the Kanebridge Property Summit at RACA Sydney on June 18, bringing rare insight into how forward-thinking property professionals can use AI to move faster, make smarter decisions and gain a serious edge in an increasingly competitive market.

Justin Kabbani, International keynote speaker and AI strategist

Tickets to the exclusive summit are already selling fast.

Having worked with global brands including Uber, PepsiCo, Mattel and Destination NSW, Kabbani has become one of the leading voices on how businesses can turn AI from a buzzword into a genuine commercial advantage.

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Importantly, the session is designed to be practical, not theoretical.

Attendees will hear how AI can be applied across marketing, sales, operations and decision-making to improve efficiency, sharpen strategy and create new competitive advantages in a rapidly changing business environment.

The summit will also feature an exclusive roundtable bringing together leading property and finance experts for a candid, off-the-record Q&A exploring the forces shaping investment, development and wealth creation across Australia’s prestige property market.

The event follows the success of last year’s sold-out summit and will once again be hosted by respected MC John Alten.

With AI becoming one of the biggest disruptors facing business, the June 18 summit is expected to attract strong interest from property professionals, investors and business leaders looking to stay ahead of the curve.

The followings are included in every ticket:

Full access to keynote sessions and the interactive roundtable.
Premium selection of canapés and beverages throughout the evening.
Complimentary annual digital subscription to two leading publications (Wall Street Journal and Kanebridge Quarterly), providing essential coverage of local and global markets, property trends and investment strategy.

Tickets are limited and selling quickly and you can buy here.

Australian rents soar to record highs as housing crisis bites

The humble share house is back on the table as renters wrestle with rising rental costs

International AI strategist Justin Kabbani will headline the Kanebridge Property Summit in Sydney on June 18, with tickets selling fast.