Cost of renting continues to rise in Australia
Tight rental markets in Australia’s capitals fuel further price increases, new data reveals
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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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Mirvac’s 45-level Trielle has topped out at Yarra’s Edge, pairing riverfront apartments with wellness facilities, private dining and resident services.
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Mirvac has topped out Trielle at Melbourne’s Yarra’s Edge, with more than 70 per cent of the riverfront development sold and approximately 80 per cent of purchasers intending to make their apartment a home.
The figures, released on September 22, point to an owner-occupier audience for one of the precinct’s final residential towers. Mirvac began developing Yarra’s Edge in 2003, and its latest addition occupies one of the remaining absolute riverfront sites.
Mirvac CEO of Development Stuart Penklis said existing residents were among those moving up within the neighbourhood.
“Many purchasers already have a connection to Yarra’s Edge,” Mr Penklis said, describing buyers whose changing needs were encouraging an upgrade within the precinct.
“As one of the final residential towers within Yarra’s Edge, Trielle represents the culmination of more than two decades of creating one of Melbourne’s most established and sought-after waterfront communities,” Penklis said.
“Positioned on the Collins Street axis with absolute river frontage, Trielle offers residents a rare opportunity to enjoy sweeping views across the Yarra River, Melbourne skyline and Port Phillip Bay, while remaining seamlessly connected to the CBD. With Trielle now more than 70 per cent sold, we’re continuing to see strong demand from buyers seeking quality homes in established locations.”
The developer also flagged a penthouse and sub-penthouse collection with larger layouts, premium finishes and broad outlooks. The planned wellness centrepiece, The Oasis, encompasses a 900-square-metre elevated urban rainforest.
Mirvac General Manager Residential Development Victoria Elysa Anderson said Trielle had resonated strongly with buyers seeking a rare lifestyle offering in Melbourne.
“Opportunities to secure a new luxury residence on a riverfront site of this calibre are incredibly rare, particularly within a community like Yarra’s Edge,” Anderson said.
“What makes Trielle unique is the combination of exceptional views, world-class residential facilities and the lifestyle that already exists around it. Residents are buying into a mature waterfront community with parks, promenades, dining, wellness and strong community connections already in place.”
The 45-level tower brings a substantial new presence to that waterfront. Its residential offering spans one-, two-, three- and four-bedroom apartments, with Signature, Prestige and Sub-Penthouse collections accommodating different household sizes. The north-facing position connects the apartments visually to the river and city beyond.
Seven storeys above the promenade, the planned Oasis combines planting and a running stream with a Scandinavian-inspired wellness club developed with spa specialist Naomi Gregory. Facilities include a 25-metre lap pool, hot magnesium pool, sauna, hydrotherapy, a gym, yoga and Pilates room, and treatment spaces.
The amenity extends beyond exercise. Residents will have access to The Biblioteca library and workspaces, ground-floor work pods, and The Salone piano lounge. A private Chef’s Table dining room offers a setting for larger gatherings, while a cinema, games room and sports lounge broaden the entertaining options. Concierge services and a dog-wash area support everyday routines.
Trielle comprises a collection of one, two, three and four-bedroom residences. Reflecting strong demand from owner occupiers, approximately 80 per cent of purchasers to date intend to live in their homes, highlighting the project’s appeal to those seeking a long-term waterfront lifestyle.
Mirvac has recently delivered The Albertine, a premium apartment development on the edge of Melbourne’s CBD, and is nearing completion of Prince & Parade in Brunswick, further strengthening its portfolio of thoughtfully designed apartment communities in some of Melbourne’s most sought-after urban locations.
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