Australia’s housing rental growth is slowing down from record highs in 2022, reducing the pressure on struggling renters. Housing experts warn that the future outlook on the rental market is uncertain.
According to the real estate data provider CoreLogic, the Australian rental market entered the highest upswing period in the company’s 18-year record during the COVID-19 pandemic, with prices surging by 22.2 percent since September 2022.
In particular, the median weekly rent in the United States rose from $430 (US $2977) per week to $519 over the last 27 months.
While renters saw prices rise to a record high 10.2 percent by 2022, their rate of growth has been declining over the last few quarters.
New data revealed that the rate of rental growth in December 2022 was only two percent. This is down from the September quarter’s 2.3 percent and the three-month period to May’s three percent.
With 3.2 percent growth, Perth was the most popular capital city, followed closely by Sydney (2.8%) and Brisbane (2.2%).
Darwin and Hobart experienced a marginal increase of 0.3 percent each, and 0.21%, respectively, while Canberra prices fell by 0.7%.
Although Canberra continued to be Australia’s most expensive rental market, with a weekly median rent of $681, Sydney was quickly catching up as the price…