“These regions include the inner city market of Sydney, which has been one of the more subdued Sydney rental markets through the pandemic.”
Canberra remains the most expensive capital city in which to rent, with a house typically costing $668 aweek and $521 per week for a unit.
Camera IconThe Chaplain family can't find a house big enough to rent and have to move as landlords are selling. Glenn Hampson Credit: News Corp Australia
“Very high rental growth is unsustainable while income growth remains subdued,” Ms Owen said.
“The result will likely be more subdued growth rates in the coming quarters, especially as investor participation trends higher, delivering more rental supply.”
Kate Colvin from affordable housing advocacy group Everybody’s Home said the rent increases were a troubling sign for Australians living in housing stress or suffering homelessness.
“While rents have increased across the board, wages and welfare payments have not kept up, putting even more pressure on Australians already struggling to access stable housing,” Ms Colvin said.
The wage price index showed a 1.5 per cent increase for the March quarter, while the Jobseeker payment was increased by just $25 a week in February, she noted.
“Rising rents combined with stagnant wages and welfare payments has created a precarious situation for many thousands of Australians,” Ms Colvin said.
“Unless the federal government takes action and builds social housing, more people will be plunged into housing stress and homelessness.
“That will not only deepen inequality but will also deny Australia of the contribution they would otherwise be able to make.
“Without access to safe, secure housing, people cannot lead fulfilling lives of any kind.”
AUSTRALIAN CAPITAL CITY MEDIAN RENTS:
Except for the Northern Territory, all Australian states and territories had rent hike moratoriums in place last year, and while some were extended, they have all now ended.
Some landlords wasted no time in making up lost ground, slapping big increases on their tenants.
CoreLogic analysis released last week suggested servicing a mortgage was now cheaper than paying rent on 36.3 per cent of Australian properties, which was higher than the pre-pandemic proportion of 33.9 per cent in February last year.