National median weekly rent hits more than $600
The price of renting is at an all time high, according to new data from CoreLogic, with the national median weekly rent hitting more than $600 for the first time.
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TVTranscript
00:00 The data tells us that I should probably stop spending so much money on iced coffees in
00:06 the morning because the median weekly rental is now at $601 across the country.
00:12 That's up from about $437 in August of 2020.
00:17 So people are now paying on average more than $31,000 a year in rent, which is a new record
00:23 high and it is quite a large chunk of people's salaries.
00:26 Now while annual growth in rents is higher than historic averages, it has broadly slowed,
00:31 which economists say is good for inflation.
00:35 Rent growth averaged 9.1% per year over the past three years, compared to an average of
00:40 2% in the 2010s.
00:43 It's driven by a decline in average household size from late 2020, a rapid increase in Australia's
00:49 population from late 2022, and a temporary shock to investment housing activity between
00:55 May 2022 and February 2023, as well as some other long-term factors.
01:00 Now median rent in the capital city markets range from anywhere between $745 in Sydney
01:07 to $535 in Hobart.
01:10 Interestingly though, people in Adelaide are now paying just as much as people in Melbourne,
01:15 with the median weekly rentals there at about $565.
01:20 Canberra and Hobart were the only two cities to see a decline during 2023, dropping by
01:25 about 1.9% and 3.5% respectively.
01:29 So Mel, maybe a move to Canberra or Hobart might be on the cards for us when these rentals
01:34 keep going up.
01:35 [BLANK_AUDIO]