The Australia property market has ‘went back on track’ after the recession during the pandemic period.
CoreLogic’s recent Quarterly Rental Review reveals that rents in Australia are now 27.4% higher than they were during the pandemic, which is equivalent to $127 per week.
While Sydney remains the position of the most expensive capital city, with an increase of 8.1% in the June quarter, Melbourne has also lost its title of having the cheapest rental market.
Being the second largest and busiest city in Australia, Melbourne’s current median rent has escalated 22% to $500 per week, compared to the last year. Houses in Melbourne has also rose 12% in rent per week, resulting in a median rent of $520 per week.
Domain has forecasted the house and unit prices around all cities to the end of financial year 2024. The prediction shows that rent prices in Australia will keep rising, especially in Sydney.
Sydney houses will increase 6-9% in rent, and units will increase 2-5%. Prices in Hobart will increase by 3-5%, and in Adelaide they will increase by 2-5%.
Australia being one of the top countries for international study and migration, the population in Australia will only keeping growing with more international students and migrants entering the country.
Demand in housing, especially apartments, will continue to grow, and prices will expect to increase at a fast pace.