The Australian rental market has experienced its slowest growth in four years, with CoreLogic’s monthly Chart Pack showing a modest 0.1% increase in national rents during July.
CoreLogic Australia economist Kaitlyn Ezzy said the easing in the monthly growth trends marks a stark contrast to the 39.7% surge in rents recorded over the past five years.
Ms Ezzy said the slowdown was a positive sign for renters, who have faced a significant increase in median weekly rental payments—up by approximately $180 over the past five years.
“July’s small rise in national rents signals a broader cooling trend across the country and will provide some renters a much-needed respite after years of high demand and steep increases,” she said.
Results were varied across the country with rents rising 0.6% in Adelaide and 0.3% in Melbourne and Perth, while remaining flat in Darwin and Canberra. In contrast, rents have declined in Sydney (-0.1%), Brisbane (-0.1%), and Hobart (-0.3%).
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Reference - Corelogic 8th August 2024