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Rent growth picked up at start of 2024...

The median weekly rent value across all Australian dwellings has hit a fresh record high of $627 per week, and rental costs range from $770 per week in Sydney, to $547 in Hobart.

Rather than rent increases being limited by affordability constraints, annual rent growth has once again started gathering pace at the start of 2024. Nationally, annual rent growth went from a recent low of 8.1% in October 2023, to 8.5% in April.

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Source - CoreLogic RP Data