Record Australian rents fuel inflation pressure as weekly costs hit $675

Realestate.com.au senior economic analyst Megan Lieu. ANALYSIS Rental prices have hit a new record high, and you’ve really got to wonder, how much more rent can people pay? A national snapshot by realestate.com.au showed that median advertised rents rose 1.5 per cent over the past quarter and 5.5 per cent over the year, to now sit at $675 a week. In capital cities, rents grew by 1.4 per cent over the quarter and 7.7 per cent for the year, to hit $700 a week. Since Covid, rents have risen astronomically. Back in 2021, someone from Brisbane was paying $13,000 less per year in rent on average than they are now. MORE:Brisbane tenants face $2600 rent hike In Sydney, they were paying $15,600 less per year than now. A renter today in Perth needs to find an extra $16,120 each year than five years ago. That’s a difference of more than $300 a week. Crowds of tenants at open inspections have become common as vacancy rates remain tight. But it’s not just renters feeling the pain. It’s also mortgage holders. Because the more rents go up, the further borrowers are from the next RBA rate cut. That’s because, along with construction costs, asking rents are one of the key inflation measures for hou...