Australian Rent Prices Hit Record Highs, Pushing Renters to Outer Suburbs

Australian rents have hit a record high, with the national average now at $627 per week. In urban centres like Sydney, rents have climbed to $750 per week, while regional suburbs average $540 per week. CoreLogic's April 2024 data indicates an 8.5% increase in annual rent growth., with the most significant increases in regional areas and outer suburbs as people look for more affordable housing options. 

Perth recorded the highest annual increase among state capitals, with a 13.6% rise, driven by strong migration and employment growth in mining, bringing the median rent to $669. Melbourne follows with a 9.6% rise, especially in Dandenong and Tullamarine-Broadmeadows, while Adelaide's median rent rose to $580, reflecting a 9.1% increase, led by Salisbury and Playford. Sydney saw a 9% rise in rents, particularly in Fairfield and Blacktown, while Brisbane’s median rent increased by 8.5%, with Wynnum-Manly and Capalaba leading the way. Darwin and Canberra also experienced rent hikes, albeit at a slower pace, while Hobart saw a slight decrease. 

This trend underscores a deepening cost-of-living crisis and growing housing insecurity for lower-income households. Eliza Owen of CoreLogic attributes the surge to pandemic-induced household changes, spikes in migration, policy failures, and a lack of investment in affordable housing. She stresses the need to boost construction capacity and address the backlog of incomplete dwellings to mitigate the crisis. Areas such as Campbelltown in Sydney and Casey North in Melbourne have seen notable rental growth, highlighting the urgency of tackling these housing challenges. 

Read the full article here https://www.abc.net.au/news/2024-05-06/median-rent-record-high-corelogic/103809092