The Daily Aus
What renting looks like for you this year
Jan 8, 2024
In this episode, Tim Lawless, Research Director for property data company CoreLogic, discusses the rising cost of renting in Australia, the impact of rising home values on the rental market, and the current state of rental growth and affordability across cities.
12:58
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Quick takeaways
- Despite the potential easing in demand, rental markets in Australia remain tight with low vacancy rates and strong demand, forcing renters to seek more affordable options such as units or locations on the outskirts of cities.
- Although the rate of rental growth is expected to slow down in 2024, rental markets are predicted to remain tight, with rents continuing to rise at a significant rate, particularly in cities like Perth, Brisbane, and Melbourne.
Deep dives
Rental Market Growth in 2023
The podcast discusses the 8.1% increase in Australia's National Home Value Index in 2023. However, it focuses on the impact of this growth on the rental market specifically, emphasizing that rental markets are driven by supply and demand factors, which are separate from the trends in housing values. Despite some potential easing in demand due to a slowing net overseas migration, rental markets remain tight with low vacancy rates and strong demand. Renters are seeking more affordable options such as units or locations on the outskirts of cities.
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