Cost of renting continues to rise in Australia
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Cost of renting continues to rise in Australia

Tight rental markets in Australia’s capitals fuel further price increases, new data reveals

By KANEBRIDGE NEWS
Wed, Apr 5, 2023 10:28amGrey Clock 1 min

The cost of renting in Australia is continuing to climb according to new data released today.

PropTrack’s Market Insight report reveals a significant increase for all dwellings over the first quarter of 2023, up 2 percent to a median of $500 per week.

National figures reveal house rents have increased to a median of $530 per week while weekly rent on units now sits at $480. That represents a year-on-year increase of 10.4 percent for houses and 11.1 percent for units.

Unsurprisingly, renters in Australia’s capitals were hardest hit, up 4 percent on last quarter and 13 percent higher year on year. The ACT and regional South Australia were the only areas where rents remained steady over the past quarter.

The data follows on from yesterday’s announcement by the RBA not to increase interest rates, the first time it has decided to pause an increase in the cash rate since May 2022. Research released by the RBA last month in its Renters, Rent Inflation and Renter Stress report suggested there was little relief in sight for renters battling higher levels of rent inflation. While the rental market has traditionally been dominated by younger people, the RBA research found that that is no longer the case.

“Renting has always been more common among younger households; around half of all heads of renter households are between 25 and 44 years of age,” the RBA report said. “However, the share of older households renting has risen over time, and single older women are the fastest growing group in public housing.”

Author of the PropTrack report, senior economist Paul Ryan, said while regional growth has slowed following significant growth during COVID, conditions for renters remain ‘extremely tight’, particularly in capital cities. This is expected to continue to drive rents higher in the coming months. 



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Jennifer Lopez and Ben Affleck have officially put their massive Los Angeles mansion on the market for $68 million.

The lavish Beverly Hills property hit listing sites on Thursday, months after rumours began that the couple, who are reportedly estranged , were shopping the home around only a year after buying it for nearly $61 million.

The roughly 5-acre property—which is in a gated community and spans a massive 38,000 square feet—includes an indoor sports court with an adjacent gym and games room, according to the listing with Santiago Arana of the Agency. The firm declined to comment.

Lopez and Affleck paid $60.8 million for the compound in 2023.
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Built in 2000, the house has 12 bedrooms and a whopping 24 bathrooms. The resort-sized property has the amenities to match, including a V-shaped pool with views over the surrounding hills, a detached two-bedroom guardhouse and a 5,000-square-foot guest penthouse, according to the listing.

Listing images of the house show that Lopez and Affleck have spent the past year warming up what were fairly white-washed interiors when they purchased the home. There’s now a rich, green-painted dining room, hardwood floors and carpeted over cold, polished-stone flooring.

The couple, who got married in 2022 after reuniting some 20 years after they called off their engagement in the early 2000s, purchased the megamansion following a house hunt that went on for several months, The Wall Street Journal reported at the time.

Representatives for Lopez, 54, and Affleck, 51, did not immediately respond to requests for comment.

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