The Australian rental market has experienced its slowest growth in four years, with new data showing a modest 0.1 per cent increase in national rents during July.
Here’s your one-minute wrap on CoreLogic’s monthly Housing Chart Pack.
The headline figure:
The slowdown in the monthly growth trend marks a stark contrast to the 39.7 per cent surge in rents recorded over the past five years.
The fast five:
- Rents rose 0.6 per cent in Adelaide.
- In Melbourne and Perth, rents rose 0.3 per cent.
- Rents remained flat in Darwin and Canberra.
- In Sydney and Brisbane rents fell 0.1 per cent.
- Hobart saw the biggest decline, with rents dropping 0.3 per cent.
What else you need to know:
CoreLogic estimates the combined value of residential real estate rose to $10.9 trillion at the end of July. National home values eased to 1.7 per cent over the rolling quarter, down from a cyclical high of 3.3 per cent, recorded through the June quarter of 2023.
CoreLogic Australia economist Kaitlyn Ezzy says:
“July’s small rise in national rents signals a broader cooling trend across the country and will provide some renters a much-needed respite after years of high demand and steep increases.
“The varied rental growth across capitals highlights an affordability ceiling in major cities.
“With tenants unable to borrow more to cover rent, many are turning to alternatives such as shared housing, relocation to more affordable areas, or leaving the rental market altogether and buying their own homes.”
Dig into the full monthly Housing Chart Pack here.
