Key Points
- The median rent in Australia is now $627 a week, according to property data provider CoreLogic.
- Median rents hit four figures in nine areas, the majority of which were in Sydney.
- It comes after the National Housing Supply and Affordability Council launched its inaugural report
Rents are going up faster in areas between 30 and 40km from city centres, CoreLogic head of research Eliza Owen reported.
But supply and demand pressures remain high across the nation and migration levels implied there were at least 200,000 new households in Australia, while only 173,000 new dwellings were completed to September last year, Owen said.
Rents in Pittwater, almost 25km from the CBD on Sydney’s northern beaches, were the highest at $1,335 per week, coming down half a percentage point since a peak in March.
Significant housing shortfalls over three consecutive years and resumed migration contributed to all-time low vacancy rates in the rental market, leading to nearly 170,000 households waiting for public housing, the report revealed.
As a renter myself, it’s concerning to see the continuous rise in rent prices across Australia. It seems like the affordable options are becoming scarcer, pushing renters to the outskirts of the cities. Hopefully, there will be some relief soon for those of us struggling with the high cost of living.
As a resident in Sydney, I have personally experienced the skyrocketing rental prices in the city. It’s becoming increasingly difficult to find affordable housing in central locations. The housing market definitely needs some intervention to ensure that people are not priced out of their own cities.