The median rent in Australia’s most expensive city is now $745 per week.
Australian median rental prices have hit new records, with the average dwelling costing $601 per week or $31,252 annually.
Nationally, rental prices increased 8.3 per cent between January and December 2023, CoreLogic’s latest report found.
It said the increases have averaged 9.1 per cent for the past three calendar years, whereas the annual growth rate in the 2010s was 2 per cent.
Sydney continues to have the most expensive median rent of $745 per week, a 10.2 per cent annual change.
That was followed by Canberra at $651 per week, Perth at $630 per week, Brisbane at $627 per week and then Darwin at $611.
Rental prices in Melbourne and Adelaide were both $565 per week.
Hobart offered the cheapest rent at $535 per week, and also saw a 3.5 per cent decrease in rental prices between January and December 2023.
Over the same 12-month period, Perth had the most significant growth in rental prices (13.4 per cent) followed by Melbourne (11.1 per cent), then Sydney (10.2 per cent).
CoreLogic’s head of research Eliza Owen said Adelaide had experienced a 7.7 per cent change in rental prices (less in comparison to other cities), making it more affordable than most other cities, except Melbourne and Hobart.
(7 NEWS)
