>Annual rent increases for houses have hit multi-year lows in Sydney, Melbourne, Brisbane, Perth and Adelaide, suggesting a relentless stretch of rising rents may have peaked, a new report has found.
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>Renters are still feeling the pinch from record high prices but the data in Domain’s Rent Report revealed the lowest September quarter growth rate since 2019 for houses and 2020 for units.
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>“Australia’s era of explosive rental growth appears to be nearing its end,” Domain’s head of research, Nicola Powell, said.
MarketCrache on
Oh yes? The next intake of 700,000 immigrants is cancelled then?
adtek on
I think it’s more that rental prices have hit the limit of tenants budgets. The pain point for most people was two or three increases ago, now people are skipping meals and going without to keep a roof over their heads, living with family or sleeping rough in cars and tents.
There is really not much room left for more rental increases unless wages increase significantly, but in most industries they are actually down from peaks during and after Covid so that’s not happening either.
xGiraffePunkx on
The government could have stopped this but chose not to. Remember that in the next federal election.
Bugaloon on
Cool, when will my rent go back down from 300 a week to the 180 from 3 years ago.
The_Fiddler1979 on
I’d agree with this sentiment, I’ve got two houses across from me that are rentals and have been empty for 2 months now
6 Comments
>Annual rent increases for houses have hit multi-year lows in Sydney, Melbourne, Brisbane, Perth and Adelaide, suggesting a relentless stretch of rising rents may have peaked, a new report has found.
>
>Renters are still feeling the pinch from record high prices but the data in Domain’s Rent Report revealed the lowest September quarter growth rate since 2019 for houses and 2020 for units.
>
>“Australia’s era of explosive rental growth appears to be nearing its end,” Domain’s head of research, Nicola Powell, said.
Oh yes? The next intake of 700,000 immigrants is cancelled then?
I think it’s more that rental prices have hit the limit of tenants budgets. The pain point for most people was two or three increases ago, now people are skipping meals and going without to keep a roof over their heads, living with family or sleeping rough in cars and tents.
There is really not much room left for more rental increases unless wages increase significantly, but in most industries they are actually down from peaks during and after Covid so that’s not happening either.
The government could have stopped this but chose not to. Remember that in the next federal election.
Cool, when will my rent go back down from 300 a week to the 180 from 3 years ago.
I’d agree with this sentiment, I’ve got two houses across from me that are rentals and have been empty for 2 months now