On the increase - Rent prices soar: Report confirms Aussies are feeling the pinch
A 3-bedroom apartment currently listed at $2,000 per week in Rose Bay, NSW

The rental market is hitting record highs, with some suburbs experiencing jaw-dropping yearly increases of up to $32,500 as prices start to soar.

In Sydney’s prestigious Rose Bay, the median weekly rent for a house has skyrocketed from $1,375 to a staggering $2,000 in just one year. That’s an extra $32,500 annually!

Neighbouring Vaucluse has seen a similar surge, with rents climbing $500 per week to reach a median of $3,000. The rental frenzy isn’t limited to houses—unit prices have soared as well.

Darling Point in Sydney has witnessed a $200 weekly rent hike, now standing at $1,050 for a median unit.

But spare a thought for Main Beach in Queensland, where the $200 increase takes the average rent from $550 to $750 per week.

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While the pressure is felt across most markets, it’s the major cities that bear the brunt, as rental growth in regional areas has eased.

Let’s take a look at the suburbs with the biggest weekly rental increases:

HOUSES:

  • Rose Bay, Greater Sydney: Current median weekly rent $2,000 (+$625)
  • Vaucluse, Greater Sydney: Current median weekly rent $3,000 (+$500)
  • Clear Island Waters, Rest of Qld: Current median weekly rent $1,400 (+$400)
  • Paradise Point, Rest of Qld: Current median weekly rent $1,250 (+$400)
  • Surfers Paradise, Rest of Qld: Current median weekly rent $1,400 (+$360)
  • Sunshine Beach, Rest of Qld: Current median weekly rent $1,200 (+$330)
  • Pagewood, Greater Sydney: Current median weekly rent $1,190 (+$310)
  • Miami, Rest of Qld: Current median weekly rent $1,100 (+$300)
  • North Bondi, Greater Sydney: Current median weekly rent $1,800 (+$300)
  • Queens Park, Greater Sydney: Current median weekly rent $1,650 (+$300)

UNITS:

  • Haymarket, Greater Sydney: Current median weekly rent $900 (+$210)
  • Main Beach, Rest of Qld: Current median weekly rent $750 (+$200)
  • Darling Point, Greater Sydney: Current median weekly rent $1,050 (+$200)
  • Zetland, Greater Sydney: Current median weekly rent $820 (+$170)
  • Caringbah South, Greater Sydney: Current median weekly rent $965 (+$170)
  • Millers Point, Greater Sydney: Current median weekly rent $850 (+$160)
  • Rosebery, Greater Sydney: Current median weekly rent $750 (+$155)
  • Chippendale, Greater Sydney: Current median weekly rent $700 (+$150)
  • Melbourne, Greater Melbourne: Current median weekly rent $550 (+$150)
  • Sydney, Greater Sydney: Current median weekly rent $800 (+$150)

While these suburbs are known for their high prices, the truth is that rental crises are impacting every corner of the market.

According to the latest CoreLogic housing report, Australians are dedicating the highest proportion of their income to rent since June 2014.

Currently, a median-income household must allocate 30.8% of their income to cover rent, while lower-income households spend a staggering 51.6% of their income on rent.

ANZ senior economist Felicity Emmett described the perfect storm causing these rent increases. Economic uncertainty, fewer sales in the private market, and declining social housing options have intensified rental demand across all income brackets.

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