‘Staggering’ rents at historic high across all major cities. As Aussies deal with rising cost of living and inflation, rents across Australia are at historic highs in all major cities with competition for properties forcing hopeful tenants to offer more than asking. Hopeful tenant Ciara O’Loughlin and Domain’s managing editor Alice Stolz join to discuss Australia’s rental crisis.
Australia is currently facing an unprecedented rental crisis, with the cost of living a hot topic of conversation for many. Rents have skyrocketed across all major cities, leaving tenants scrambling to compete for properties in order to secure housing. Reports indicate that higher than normal rents also come with increasingly high demands in deposits, along with prospective tenants offering much more than asked in order to secure a property. This rise in prices has caused distress both financially and emotionally for those affected, while landlords continue to benefit from the shortage of available affordable accommodations. It is essential that urgent measures are taken to address this deepening crisis and create housing options that put Aussies’ needs first.
There has been a lot of focus on the costs of mortgages but renters are facing the pressure just as badly, if they can find a place at all. Nationally rents are at historic highs. Over the past 12 months in the December 2021 to December 2022 period, there has been massive increases in the price of rental in all major cities according to a CoreLogic report.
House Rental Price Increases
- Adelaide is up 11.1% which equates to an average $50 increase
- Brisbane is up 14.3% which equates to an average $60 increase
- Canberra is up 3.0% which equates to an average $20 increase
- Darwin is up 5.1% which equates to an average $30 increase
- Hobart is up 10.0% which equates to an average $50 increase
- Melbourne is up 7.9% which equates to an average $35 increase
- Perth is up 15.2% which equates to an average $70 increase
- Sydney is up 12.1% which equates to an average $70 increase
Unit Rental Price Increases
- Adelaide is up 14.3% which equates to an average $50 increase
- Brisbane is up 14.6% which equates to an average $70 increase
- Canberra is up 5.7% which equates to an average $30 increase
- Darwin is up 8.3% which equates to an average $40 increase
- Hobart is up 9.4% which equates to an average $40 increase
- Melbourne is up 20.0% which equates to an average $75 increase
- Perth is up 10.3% which equates to an average $40 increase
- Sydney is up 18.6% which equates to an average 90 increase
Largest Rent Increases In Suburbs
- Birmingham Gardens in NSW has Unit rental increases of 37.1% the average asking rent being $240
- Runaway Bay in Qld has Unit rental increases of 36.8% the average asking rent being $650
- Djugun in WA has House rental increases of 35.7% the average asking rent being $950
- Chester Hill in NSW has Unit rental increases of 34.2% the average asking rent being $530
- Port Douglas in Qld has House rental increases of 34.0% the average asking rent being $650
- Paradise Point in Qld has house rental increases of 45.1% the average asking rent being $1150
- Bass Hill in NSW has Unit rental increases of 44.2% the average asking rent being $620
- Hyde Park in SA has House rental increases of 40.6% the average asking rent being $710
- Kambalda in WA has House rental increases of 40.0% the average asking rent being $280
- Coombabah in Qld has Unit rental increases of 39.9% the average asking rent being $675
Decreases
There is some good news however as there were some areas that had decreases in rental prices. The areas with negative increases or decreases in rental prices show that affordability is forcing people to look further out or further away from major city areas. However these prices are still at significant
- Macleod in Victoria has Unit rental increases of -32.8% the average asking rent being $230
- Sippy Downs in Qld has Unit rental increases of -27.7% the average asking rent being $340
- Bellevue Hill in NSW has House rental increases of -20.0% the average asking rent being $1600
- Henley Beach South in SA has House rental increases of -19.2% the average asking rent being $640
- Beaumaris in Victoria has Unit rental increases of -14.3% the average asking rent being $450
- North Bagowlah in NSW has House rental increases of -10.7% the average asking rent being $1250
- Bronte in NSW has House rental increases of -10.3% the average asking rent being $1750
- Rockhampton City in Qld has Unit rental increases of -10.0% the average asking rent being $450
- Russell Lea in Qld has Unit rental increases of -9.1% the average asking rent being $450
