By Holly McGuinness
Rental prices across the country are continuing to rise at record rates, but property data analysts at CoreLogic are “tentatively” expecting the market to ease.
The final CoreLogic quarterly rental review of 2022 found rental values had risen by 2 per cent in the December quarter, compared to 2.3 per cent in September.
CoreLogic head of research, Eliza Owen, said rents were still rising in most capital cities and regional areas while vacancy rates remained low.
“While a slowdown in the pace of rent rises could be a sign that the rental market is starting to shift, it’s not great news for tenants just yet,” Ms Owen said.
According to CoreLogic, rental prices have risen 22.2 per cent since September 2020, marking the largest rental upswing in the 18 years since CoreLogic began recording the data.
During this 27-month period, the median weekly rent for dwellings rose from $430 per week, to $519 across the nation.
Ms Owen said the slowing market could be due to various factors.
“It is not entirely clear whether the rental market will continue inching toward a turning point, or if this is a temporary, seasonal reprieve due to higher new listings through December,” she said.
“New advertised rent listings saw a seasonal peak in the four weeks to December 11th. Through this period, 50,867 new advertised rental listings were counted by CoreLogic, which is the highest volume observed since mid-February, another seasonal high point.
“However, it’s important to recognise despite the increase in rental listings, the figures remain -13.8 per cent lower than the previous five-year average for this time of year.”
