Australian News / 07 July 2023
On the up and up…
There’s been no reprieve for renters after national rental prices jumped 2.5% in the 3 months to June. New data from real estate group Domain found median rents hit record highs across all capital cities except Canberra, Hobart and Darwin. Sydney led the way with a 6.1% jump in median rental prices hitting $700 a week – that sees the NSW capital overtaking Canberra as the most expensive in the country. Over the past year, national house rents were up by 11.5% while units skyrocketed by 26.1%. Gasp… Domain says surging demand hasn’t kept up with supply – and with record immigration expected to add to the “rental pressure cooker” this financial year, it’s set to be a landlord’s market for a while. Sigh…
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