Aussie rents continue to climb at their fastest rate since the Global Financial Crisis (GFC) hit in 2008, according to CoreLogic’s October dwelling value results, released today:
National rents were up 0.7% in October, roughly equivalent to the September reading (0.6%), but lower than the trend rate of rental growth earlier this year. Some of the strongest rental markets, such as Perth and Darwin, are now seeing a clear easing in the annual trend of rents. In most other regions the trend in rents is generally holding firm or accelerating.
Over the past three months the largest rise in rents has come from Sydney, up 2.4%, followed by Brisbane, regional Queensland and regional New South Wales (all up 2.3%). At the lower end of the spectrum was Perth, where rental growth has slowed abruptly with rents only rising 0.6% over the three months ending October.
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Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
