The REA Group just published PropTrack Rental Price Data to December Quarter 2024. They say that National median weekly advertised rents increased by 1.6% over the December 2024 quarter to a new high of $620. But note this the asking price of new rentals. And does not cover rental increases on existing property where the tenant has to pay more, or leave.
In fact, after capital city asking rents soared by more than 40% since the pandemic, rental inflation is slowing. But why you might ask? Well, given that around 70% of those in the rental sector have cash-flow pressures according to our surveys, it is mainly because we have now reached an affordability ceiling.
A greater share of household’s income is going to pay the rent, according to recent data from CoreLogic and ANU. In addition, some tenants have responded to these conditions by moving into group housing, which has tempered demand, or have moved back with parents.
So do not be deceived, this data which was reported as good news in some media today, needs to be taken in context. The slowing was the result of months and months of insidious financial pressure.
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