Australia recorded the strongest net overseas migration (NOM) in the nation’s history between Q4 2019 and Q2 2025, with 266,000 net migrants arriving annually, including the Covid-19 border closure:
This huge immigration inflow had a devastating impact on the rental market.
Since the end of 2019, the record net migration flows (i.e., 266,000 per annum) have driven up national advertised rents by 47%, according to Cotality, adding $11,400 to the annual cost of renting:
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