Mona Vale Blog

Australia's median rent hits new record, surpasses $600 per week

CoreLogic’s national median rent value ticked up to $601 per week last month, equating to median annual rent of $31,252 a year.

How did we end up hitting record high rental prices?

Since 2020, rent values have averaged 9.1% growth per year in camparsion to the 2.0% average annual growth rate in the 2010's. There a number of reasons as to the unusually large rental rise in recent years, including;

• Rapid increase in Australian population from 2022 (border restrictions lifted)
• Inflation
• Interest rates increasing

Where does Sydney's rental market currently sit ?

Sydney's Median weekly rent is $745, equating to annual rent of $38,740. This marks the highest rent of the capital cities in Australia which has had an annual change of +10.2%.

In fact, the Northern Beaches has the highest median weekly rent of regions within capital cities (SA4 dwelling markets), with a median weekly rent of $1,167. This equates to an annual rent of $60,684.

Data, information and statistics provided by CoreLogic.