Key Points
- The median rent in Australia is now $627 a week, according to property data provider CoreLogic.
- Median rents hit four figures in nine areas, the majority of which were in Sydney.
- It comes after the National Housing Supply and Affordability Council launched its inaugural report
Rents are going up faster in areas between 30 and 40km from city centres, CoreLogic head of research Eliza Owen reported.
But supply and demand pressures remain high across the nation and migration levels implied there were at least 200,000 new households in Australia, while only 173,000 new dwellings were completed to September last year, Owen said.
Rents in Pittwater, almost 25km from the CBD on Sydney’s northern beaches, were the highest at $1,335 per week, coming down half a percentage point since a peak in March.
Significant housing shortfalls over three consecutive years and resumed migration contributed to all-time low vacancy rates in the rental market, leading to nearly 170,000 households waiting for public housing, the report revealed.