.png?width=150&height=150&name=Australian%20Hotspot%20Advocacy%20(2).png "Australian Hotspot Advocacy (2)")
.png?width=100&height=100&name=Australian%20Hotspot%20Advocacy%20(3).png "Australian Hotspot Advocacy (3)")
.png?width=150&height=150&name=Australian%20Hotspot%20Advocacy%20(3).png "Australian Hotspot Advocacy (3)")
Rents Continue to Soar
Tim Graham
Jun 7, 2023 5:32:19 PM
Apartments and house rents across the country have been rising, with wages lagging behind.
The median weekly asking rents for capital city units increased 22.2 per cent in the year to March, six times faster than wages.
Despite the increasing financial burden, many are taking a positive approach - moving in with family or flatmates to reduce their costs, or opting to become homeowners.
It is also a chance for people to consider opportunities to look for cheaper properties that can better fit their budgets.
People are changing the type of property they want to rent and changing it to a less expensive property like a townhouse or an apartment.
Westpac senior economist Matthew Hassan said Australian tenants were facing strong competition for homes. Returning migration was adding to already strong demand, amid a time of lower supply.
Leave a Comment