Rents across Australian capital cities rose by five per cent in the first quarter of 2024, new data has revealed, with Sydney once again winning the dubious award for biggest increase. And if that doesn’t have you wanting to move into the forest to sleep in trees, then the fact that the rise in median rents increased by four times that of the rise in wages definitely will.
I’m not going to sugar coat this news for y’all: this data is bleak. But then again, so is almost everything we find out about the state of the housing market in Australia.
From stories about landlords complaining they can’t let renters freeze, to data about how it is mathematically impossible to comfortably afford a house anywhere in the country, it’s pretty hard to find any good news.
And Domain’s latest quarterly report that the price of rent in capital cities between January and March rose “roughly four times faster than the previous quarter” is no exception. [Insert distraught expletive of your choice.]
In response to the new data, Grattan Institute economist Joey Moloney called on the government to increase supports like rent assist, or else face the real risk that homelessness rates will rise.
“The single most important lever the federal government can pull is to keep increasing rent assistance for the most vulnerable people,” said Moloney, per Domain.
“Globally, we don’t have high rates of homelessness, but if rents remain high, there is no doubt we will see more homelessness.”
Apologies in advance for being the bad news bearer, but here’s how much the median rent rose in each capital city in just the first three months of 2024. I am so sorry.
How much did rents rise in the first quarter of 2024 in each capital city?
Domain’s quarterly report revealed how much the median asking price for a week’s rent in homes and apartments increased from the end of December 2023 to the end of March 2024 in each capital city.
So let’s go and crunch the numbers — and all my dreams of home ownership too!
Sydney
Sydney may not place first in many “Australia’s most X” lists, however it always places first as the capital city the highest rents. This quarterly report maintains Sydney’s proud streak of being the most expensive in the country. Suck it Melbourne, who’s number one now?!?
Increase: $20 per week.
Melbourne
Sydney may be more expensive than Melbourne in terms of pure dollars, however Melbourne is keeping the competition fierce by increasing higher as a percentage than Sydney did during the first quarter.
House Increase: $20 per week.
Apartment Increase: $30 per week.
Brisbane
Residents of Brisbane might have had their rents increase by the same amount as previous capital cities this quarter, however it places fifth out of the eight capital cities in terms of most expensive overall.
House Increase: $20 per week.
Apartment Increase: $30 per week.
Adelaide
Unfortunately for renters living in Adelaide, this capital city saw the highest quarterly increase in house rent in Australia in terms of percentage. Thankfully for residents it is still one of the cheapest capitals to live in.
House Increase: $30 per week.
Apartment Increase: $10 per week.
Perth
Pour one our for the people of Perth, y’all. The unlucky renters there saw one of the highest quarterly increases this year, and had the highest jump in dollars for median rent. Thoughts and prayers, Perth.
Increase: $30 per week.
Canberra
Renters in Canberra experienced the lowest increase out of all the capitals, but I’ll be damned if that is something to celebrate. Sure, it’s only a five buck increase per week for houses, but that’s five dollars a renter could otherwise have put toward avocado toast.
House Increase: $5 per week.
Apartment Increase: $10 per week.
Darwin
Breaking the mould, our next two capitals (somehow) did NOT see an increase in median rental asking price for homes. Unfortunately for Darwin, it is still the third most expensive capital on the list (tied with Perth).
House Increase: $0 per week.
Apartment Increase: $10 per week.
Hobart
Our friends in Hobart must be doing something right, because it has the lowest in median rental price, and also saw a zero per cent increase in the first quarter. BRB, booking flights as we speak.
House Increase: $0 per week.
Apartment Increase: $10 per week.
Capitals combined
As well as each capital city, Domain’s report also provided how much house rents have surged this quarter.
The data stated that this was “the steepest quarterly gain in 17 years and the second-highest on record.”
House Increase: $30 per week.
Apartment Increase: $30 per week.
In summary, I don’t think any amount of cutting back on avocado toast is going to fix this broken rental market.
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