Rents on the Rise Again Over July
2023-08-10
Home rents resumed their upward trajectory over July following the minor relief offered to tenants over June due to the usual impact of holiday distractions on rental markets.
Most capitals reported higher weekly house rents over July compared to June which reflects the impact of a chronic undersupply of rental properties.
Sydney and Darwin were each the top monthly performers with weekly rents rising by 2.3% with Hobart up 1.9%, Adelaide higher by 1.8%, and Melbourne up 1.3%.
Brisbane, Perth, and Canberra house rents were steady over July Sydney continues to record the highest weekly asking house rents, now at $768 per week with Hobart still the most affordable at $550 per week.
House vacancy rates in most capitals were steady overall through July following the general rise reported over June with Darwin higher and Perth lower.
Most capitals continue to report sharp increases in house rents over the past year with Perth the top performer up by 18.8%.
Canberra annual house rents however have fallen by 3.8% over the past year with Darwin down 1.3%.
Brisbane and Melbourne again reported higher unit rents over July - up by 2.1% and 1.4% respectively.
Adelaide, Perth, and Canberra unit rents were steady over the month, with Sydney falling again - down by 1.0%, Darwin was also down again falling by 2.9% with Hobart lower by 2.2%.
Melbourne and Sydney continue to report extraordinary unit rent increase over the past year – higher by 32.4% and 30.9% respectively.
Annual unit rents are also significantly higher in the other capitals, with the exception of Hobart and Canberra, where annual unit rents are lower by 1.1% and 2.2% respectively.
Although unit rents fell again over the month, Sydney remains the clear leader for weekly unit rents now at $720 with Adelaide still the most affordable and steady at $450 per week.
Vacancy rate generally stabilised or fell over July compared to June, with Brisbane, Hobart, and Darwin higher.
Rental conditions have predictably deteriorated for tenants over July following the brief relief offered over the holiday month of June.
Rents have resumed upward trajectory for both houses and units in most capitals with vacancy rates generally steady or lower over the month – at continuing record low levels.
Underlying rental demand clearly remains ahead of supply with affordability constraints from sky-high rents likely the only barrier to ongoing increases.
Most capitals reported higher weekly house rents over July compared to June which reflects the impact of a chronic undersupply of rental properties.
Sydney and Darwin were each the top monthly performers with weekly rents rising by 2.3% with Hobart up 1.9%, Adelaide higher by 1.8%, and Melbourne up 1.3%.
Brisbane, Perth, and Canberra house rents were steady over July Sydney continues to record the highest weekly asking house rents, now at $768 per week with Hobart still the most affordable at $550 per week.
House vacancy rates in most capitals were steady overall through July following the general rise reported over June with Darwin higher and Perth lower.
Most capitals continue to report sharp increases in house rents over the past year with Perth the top performer up by 18.8%.
Canberra annual house rents however have fallen by 3.8% over the past year with Darwin down 1.3%.
Brisbane and Melbourne again reported higher unit rents over July - up by 2.1% and 1.4% respectively.
Adelaide, Perth, and Canberra unit rents were steady over the month, with Sydney falling again - down by 1.0%, Darwin was also down again falling by 2.9% with Hobart lower by 2.2%.
Melbourne and Sydney continue to report extraordinary unit rent increase over the past year – higher by 32.4% and 30.9% respectively.
Annual unit rents are also significantly higher in the other capitals, with the exception of Hobart and Canberra, where annual unit rents are lower by 1.1% and 2.2% respectively.
Although unit rents fell again over the month, Sydney remains the clear leader for weekly unit rents now at $720 with Adelaide still the most affordable and steady at $450 per week.
Vacancy rate generally stabilised or fell over July compared to June, with Brisbane, Hobart, and Darwin higher.
Rental conditions have predictably deteriorated for tenants over July following the brief relief offered over the holiday month of June.
Rents have resumed upward trajectory for both houses and units in most capitals with vacancy rates generally steady or lower over the month – at continuing record low levels.
Underlying rental demand clearly remains ahead of supply with affordability constraints from sky-high rents likely the only barrier to ongoing increases.
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