Latest news with #rentalmarket
Daily Telegraph
13 hours ago
- Business
- Daily Telegraph
The 327 Aus postcodes with a median rent of more than $1k a week
It's no secret that Australian tenants are doing it tough, and new data has revealed there are now 327 postcodes across the nation where the median weekly rent is now more than $1000 a week. Across the capital cities, tenants now pay almost $11,000 more than they did five years ago, pushing the median weekly rent for a house to $657 and $585 for units, according to latest PropTrack figures. For those tenants renting in suburbs where the median price is at least $1000 – and in some cases up to $3450 a week – the sky-high rents are reflective of the broader changes experienced across Australia's property market, including general price increases, inflation and shortages in housing supply. Unsurprisingly, many of Australia's most expensive rental suburbs are located in Sydney, with Bellevue Hill, Double Bay and Vaucluse ranking in the top three with weekly rents well above $3000. Another 17 Sydney suburbs have median rents of at least $2000, including in North Bondi, Coogee, Rose Bay and Bronte, while a further 207 NSW localities have median rents over $1000 a week. Queensland followed with 47 locations with median weekly rents over $1000, including Ascot in Brisbane and regional locations including Noosa Heads and Palm Beach. There are also 34 suburbs with median rents of over $1000 recorded for Western Australia, 22 for Victoria and two for the ACT. Meanwhile, Adelaide recorded its first suburb with a median $1000 weekly rent this month. REA Group economist Anne Flaherty said the current growth drivers of rentals across Australia are a lack of supply and surging demand. 'I think it's inevitable that we'll see more $1000 rental suburbs added to the list,' she said. 'It's kind of astonishing, because a lot of the conversations around where rents are sitting are that they couldn't possibly go any higher because people couldn't afford to pay anymore. 'But time and time again, we see that proven wrong and we see more and more suburbs touching the $1000 a week mark.' MORE NEWS Great Aussie dream crushed by cost surge First-home frenzy: Young Aussies locked out Scary reason Aus renters won't move Ms Flaherty said nationally, tenants now pay $10,920 more than they did five years ago. 'They are markets where this figure is even more staggering. In greater Perth, compared to five years ago, people are paying $16,640 more and in Brisbane it's $13,000. Sydney is also $13,000,' she said. 'So what we're seeing (as a result), especially in Sydney, is that the demographic is becoming much older than other states. 'If we look at interstate migration, we see the strongest interstate migration out of NSW into the other states than any other states. So we're seeing more people leaving NSW than coming in and affordability is a big factor there. 'So what we're seeing is that young working people are tending to move to other capital cities, for example Melbourne and Brisbane, where home prices and rents are lower.' Ms Flaherty adds that the only real solution to combat rent costs was building more homes. 'Fundamentally, we need more homes and more rental accommodation,' she said. 'If we can build more homes, then that not just slows down the rate at which home prices grow, but it can also slow the rate at which rents grow.' Meanwhile, a new report provided by property investment advisory, InvestorKit, has revealed the markets under the most pressure based on vacancy rates, supply levels, rental yields, affordability, and long-term demand. MORE NEWS: Where you can buy a house for unit price While rental growth has moderated compared to previous years, regions in Western Australia, South Australia and Queensland continue to lead the country. InvestorKit identified Unley in Adelaide as a standout suburb for future rental growth, with its median house price of $1.4m making renting significantly cheaper than buying, even with anticipated rate cuts. It also highlights Mundaring in Perth, which has seen rents surge 69 per cent over the past four years, combined with persistently low vacancy rates and limited new supply. MORE NEWS Little-known rule could save you $800 Worst celeb tenants exposed 'Unbelievable': Surprise $100k hoarder home find In Brisbane, Loganlea, The Gap, and Wynnum-Manly are tipped to see continued rental growth due to their relative affordability compared to house prices and a lack of new housing supply in these areas. InvestorKit CEO Arjun Paliwal said despite interest rates falling, housing supply was still well below demand, which would keep upward pressure on rents in 2025 and beyond. 'Australia's rental crisis has now entered its fourth year and while there has been some relief, for example, national 'for rent' listings and vacancy rates have improved slightly, both metrics remain significantly below their pre-Covid levels,' Mr Paliwal said. 'This is not a temporary issue. It is a chronic condition driven by long-standing structural problems: a sustained lack of private rental supply, limited diversity in rental options, insufficient social housing, and an ongoing shortfall in new housing supply that cannot be quickly resolved.'
CBC
a day ago
- Business
- CBC
Halifax asking rents climbed in May as other Canadian cities saw decreases from 2024
Asking rents for new apartment listings in Halifax continued to climb in May, even as cities in other provinces are seeing lower rents than they were a year ago, according to a recent report by Urbanation and For months now, asking rents in major cities like Toronto and Vancouver have consistently been lower than they were the previous year, said Giacomo Ladas, spokesperson for But in Halifax, average asking rents in May for two-bedroom apartments rose 5.4 per cent year over year to $2,623, according to the report that's based on monthly listings from the network. Halifax is "climbing up our rental list of most expensive markets," said Ladas. According to data from Statistics Canada, Nova Scotia was the only province as of April that had seen an overall increase in its rent inflation rate in the previous six months. Rents in the province were up an average of 8.1 per cent in April compared to last year. In November, rent inflation was at 6.4 per cent and had generally been on a downward trend since October 2023 — when the figure was at a double-digit level. But one expert said there can be volatility in short-term data, and that there are encouraging signs the rental market in Halifax and elsewhere in Atlantic Canada may be reaching a "turning point" when it comes to the pace of rent increases. "We're certainly seeing a rebalancing [of the market], let's say, where there is lower demand," said real estate consultant Neil Lovitt, adding that some apartments are becoming more difficult to lease. He said this slowdown is mostly at the top end of the market and with newer units, which can be much more expensive than older housing. The top end is "where we would expect to see those changes happen first," Lovitt said. "Those are the ones that are first to sort of lose demand as more affordable alternatives become available, or there's less competition forcing people to have to reach to those heights." Ladas concurred about this trend at the top end and said there's now higher vacancy with new units, particularly those located downtown. "That's why you're seeing some landlords offer a lot of incentives such as one month free rent," Ladas said. While there are signs the rental market in Nova Scotia is improving, Lovitt warns that a problem that stops getting worse isn't the same as a problem solved. He worries about continued government motivation to do things such as grow the volume of non-market housing like co-ops and public housing — which some experts say is needed to create a more affordable housing system.
Khaleej Times
3 days ago
- Business
- Khaleej Times
Dubai's summer property boom defies seasonal slowdowns
The sweltering summer months in Dubai are not cooling off the city's red-hot real estate market. In fact, new data confirms that summer has become the busiest time of year for property sales and rentals, overturning old assumptions that the market typically slows down as temperatures rise. According to an in-depth analysis by Bayut, the UAE's leading real estate portal, using data sourced from the Dubai Land Department (DLD), summer 2024 saw the highest volume of real estate activity in the year. A total of 64,596 property sales were registered between June and September — an 18.1 per cent increase over spring and a 38.1 per cent jump compared to the traditionally cooler winter months. On the rental side, 372,337 contracts were recorded, making summer the peak season for tenant activity as well. The trend is not isolated to one summer. The data shows a consistent three-year pattern of rising transactions in the summer season. Property sales during summer 2024 surged 37.7 per cent compared to the same period in 2023, which itself was up 38.5 per cent over 2022. The numbers suggest that the notion of summer being a 'quiet season' for real estate is no longer valid in today's market landscape. This boom, analysts say, is driven by a combination of favourable economic conditions, growing investor confidence, and the increasing use of real-time, tech-enabled tools that make the buying and renting process faster, smarter, and more transparent. 'What was once seen as a seasonal lull has evolved into a key opportunity window for buyers, sellers, and investors. Dubai's real estate landscape continues to rewrite its own rules — and summer has now become the hottest time to make a move,' said V. Sivaprasad, chairman of Condor Developers, a luxury property developer. 'Summer represents a busy and vibrant time for Dubai's property sector,' said Haider Ali Khan, CEO of Bayut. 'What our data confirms is that people are making housing decisions year-round. Tools like our Dubai Transactions platform and TruEstimate valuation engine are empowering users to make better-informed choices. It's no longer about timing the market — it's about being ready with the right information.' 'As summer 2025 begins, all indicators suggest another season of heightened activity. With a record number of new expatriates entering the city — over 100,000 in the first quarter alone — and developers racing to launch new projects to capture surging demand, Dubai's property market is firmly in expansion mode,' Sivaprasad said. Bayut's technology suite includes TruEstimate, an AI-based valuation tool that has already generated more than 300,000 custom reports, allowing buyers and sellers to benchmark pricing accurately. Its Dubai Transactions platform brings verified, government-backed data into the public domain, letting users view transactional trends and price movements at the unit level in any given community. These innovations have coincided with a noticeable behavioural shift: a growing number of residents are transitioning from renting to buying, especially amid continued upward pressure on rents across key locations. According to recent figures from CBRE, average apartment rents in Dubai rose by 21.7 per cent in the year to April 2025, while villa rents climbed by 23.4 per cent. With rents rising and capital values showing sustained growth, more residents are choosing to invest in ownership rather than face repeated increases in rental outgoings. The structural strength of the market is also being reinforced by foreign investor interest, particularly from Europe, India, and China. Dubai's economic resilience, tax-free property environment, high yields, and investor-friendly reforms have made it a magnet for global capital. The city recorded more than Dh430 billion worth of real estate transactions in 2024, up from Dh411 billion in 2023, according to DLD figures. Property market experts said the supply pipeline is struggling to keep up with surging demand. As per Knight Frank's latest UAE property report, available inventory in prime areas remains tight, pushing up prices for both off-plan and ready units. This imbalance has added further urgency among buyers during summer, a time when new project launches often coincide with promotional offers aimed at expats and international buyers. 'Dubai's real estate sector is no longer defined by seasonal cycles,' said an analyst with a property research team. 'It's driven by demographics, data, and investor psychology. With so much transparency and information now available to buyers, decisions are being made at all times of the year.'
RNZ News
4 days ago
- Business
- RNZ News
How long will better times for renters last?
More than 7000 rental listings were added to the website in May. Photo: RNZ Good news for renters - rents are predicted to remain subdued until well into next year. said renters were, on average, $1400 a year better off this year than last, because asking rents were falling. The average rent being asked across the country in May was $633 per week, a drop of $27, compared to the same time in 2024. That was also the lowest price since December 2023. spokesperson Vanessa Williams said demand had slowed at the same time that more listings had come to the market. For the first time in almost a decade, more than 7000 rental listings were added to the site in May, a 21.3 percent increase from the same time last year. The biggest increase was in Wellington, up 87 percent year-on-year. "While interest rates are coming down, we haven't seen growth in the sale market," she said. "There's an element of investors not bringing property to market, which can be snapped by first-home buyers. "The lower end of the market isn't being transacted as much. We haven't seen any growth in property prices for the last well over two-and-a-half years. "That's an element that's happening." She said another aspect of reduced demand was that cost-of-living challenges kept people living with their parents longer and also leaving the country. She expected the for-sale market to pick up in spring, which could mean more investors took their properties out of the rental pool to try to sell them, but she said that was unlikely to feed through to change in the rental market before the end of the year. Infometrics chief forecaster Gareth Kiernan said the market could stay in tenants' favour even longer. "Rental growth could remain subdued for another 12-18 months," he said. "Factors likely to limit rental inflation during the rest of 2025 and into 2026 include slower population growth and lower net migration, as well as modest household income growth and the potentially patchy economic recovery. "Nevertheless, if the labour market begins to gradually recover during the second half of this year, it should help limit some of the downward pressure on rents that we have seen over the last year." He said lower mortgage rates and the reversal of Labour's less favourable tax rules around investment property were likely to limit the upward pressure on rents due to landlords' rising costs. "Demand tends to be the primary driver of rents and landlords will charge what the market can bear. In other words, there looks likely to be a measure of consistency between limited cost pressures and modest demand for rental accommodation over the next few quarters." Cotality chief economist Kelvin Davidson said there had previously been a "big boom" in rents and the ratio of rent to income was at record highs. "Rents are already pretty stretched, which limits the scope for growth, and it makes sense it's slowed down." He agreed a drop in migration also reduced demand. "That's previously been a big driver of it, people wanting to come into the country, but that's really tailed off." Developers were also renting some newly built properties rather than selling them. He said tenants wouldn't have to worry about rapid rent increases for some time. "Unless we get a lot of wage growth, which doesn't seem likely… there's that restraint on tenant affordability." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
News.com.au
5 days ago
- Business
- News.com.au
Rental conditions begin to ease following ‘incredibly challenging' period
REA Group Senior Economist Eleanor Creagh claims rental conditions are beginning to ease from the 'incredibly challenging conditions' over the past few years. 'Certainly, we are seeing a bit of relief for renters,' she told Sky News Business Editor Ross Greenwood. 'We have also seen that investor activity has picked up over the past couple of years, and actually rental investor activity is sitting close to a decade high.'
