Rents boom as listings dry up

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Domain has released is Q4 Rental Report, which shows that house rents nationally surged by 7.4% across the capital cities in 2021, with all cities other than Melbourne recording strong growth:

Capital City Dec-21 Sep-21 Dec-20 QoQ YoY
Sydney $600 $580 $550
+3.4
+9.1
Melbourne $445 $430 $440
+3.5
+1.1
Brisbane $480 $460 $425
+4.3
+12.9
Adelaide $450 $440 $410
+2.3
+9.8
Perth $460 $450 $415
+2.2
+10.8
Hobart $500 $495 $460
+1.0
+8.7
Canberra $675 $645 $600
+4.7
+12.5
Darwin $600 $620 $550
3.2
+9.1
Combined Capitals $499 $483 $465
+3.4
+7.4
Source: Domain

Separate data from PropTrack shows that rental growth has been even stronger across the regions, where rents rose by 10.5% in 2021:

Regional rents in 2021 grew strongly across all markets other than the Northern Territory:

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About the author
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.