Australia’s rental market is showing early signs of relief, with rental price growth slowing and more properties entering the market, according to new research.
PropTrack said that annual rental growth slowed in September and is now increasing at half the rate of last year. Despite this, annual growth still outpaced inflation, making affordability tough for renters.
Capital city rents rose 6.8% annually to reach $640 per week, while regional areas experienced stronger growth at 8%, with rents at $540 per week.
While supply improved, with new listings up 8.6% year-on-year, the vacancy rate remains tight at 1.3%, suggesting there are still ongoing demand pressures.
PropTrack said that while more renters may transition into homeownership, rental market conditions remain strained, and rents are likely to keep rising.
