Renters did not receive any relief during the holiday season as rent hikes continued. According to the latest PropTrack Market Insight report, the national median rent rose by 1.8 per cent in the December quarter, reaching $580 per week. This is an 11.5 per cent increase compared to the previous year, which means weekly rents are $60 more expensive than they were in early 2023. Gennadi Kazakevitch from the Department of Economics at Monash University said that, when prices for any product or service rise, economists always look for an increase in demand that exceeds an increase in supply.
Renters did not receive any relief during the holiday season as rent hikes continued. According to the latest PropTrack Market Insight report, the national median rent rose by 1.8 per cent in the December quarter, reaching $580 per week. This is an 11.5 per cent increase compared to the previous year, which means weekly rents are $60 more expensive than they were in early 2023.
Gennadi Kazakevitch from the Department of Economics at Monash University said that, when prices for any product or service rise, economists always look for an increase in demand that exceeds an increase in supply. "This is exactly what has been recently happening in the rental market," Kazakevitch told SBS News. "Due to skyrocketing prices for buyers, more people entering the housing market opt for renting rather than buying. "An even more important reason is increasing immigration. Last year, the country received several hundred thousand newcomers on temporary and permanent visas. They almost always initially rent their first home before considering buying
Rent Rent Hikes Holiday Season Relief Proptrack Market Insight National Median Rent Increase Demand Supply Rental Market Prices Buyers Housing Market Renting Buying Immigration Newcomers Visas
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