Rents Still Growing

In good news for landlords, while rental growth is starting to moderate new analysis shows they are still increasing.

Data from PropTrack shows dwelling rentals were up 1.8% over the December quarter nationally, with the median asking rent now $580 per week.

Rental growth in the combined capital cities was 0.8% in the quarter with the median asking rent now $600 per week.

PropTrack economist, Angus, Moore says while rental growth is slowing, there is no sign that rents are decreasing.

He says record low vacancy rates mean rents will continue to rise for at least the next six months with a growing number of investors likely to bring more supply onto the market in the later stages of 2024.

According to SQM Research data, Sydney has the highest combined (houses and units) median asking rent of $825 per week, followed by Perth, $680 per week, Canberra and Brisbane, both $640 per week, Melbourne, $605, Darwin, $590, Adelaide, $570 and Hobart, $520.