2022 ends with record-high rents still rising

2022 has ended with record-high rents still rising in most capitals for both houses and units- and with no prospects for rent relief for tenants any time soon.

Most capitals then reported higher house rents over December with the exception of Canberra where rents eased by 0.4% and Perth which reported a steady result.

Most capitals have reported significant rises in yearly house rents over 2022 with Brisbane the top performer higher by 27.3%, Perth up 17.0%, and Sydney rising by 16.5% over the year.

Median Weekly Asking Rents December 2022

Despite the monthly fall, Canberra – with Darwin, remains the most expensive wanted for weekly asking house rents each at $695 followed by Sydney at $675, with Melbourne the most affordable - but higher over the month and now at $500.

Capital municipality house rental vacancy rates for houses remain at record low levels overall, although Sydney rates, while still low, were higher over the month.

Unit rental markets moreover then reported higher rents over December with Sydney, Melbourne, Darwin and Canberra steady.

All capitals have reported no-go increases in unit rents over 2022 with the exception of Canberra where yearly rents have nonetheless increased by 3.5%.

Sydney continues to record the highest yearly unit rent increase, up by 24.5% followed closely by Melbourne up 24.1% and Perth higher by 19.4% over the year.

Units Median Weekly Asking Rents December 2022

Sydney unfurled to report the highest weekly unit rent over the month at $600 with Adelaide the most affordable - but higher over December at $420.

Vacancy rates for units protract at record low levels with Sydney - similar to houses, recording an easing over December.

Home rents can be expected to protract to rise over 2023 with the rates of growth only restricted by tightening household budgets and falling real incomes.

Demand will protract to outstrip supply driven by higher interest rates restricting first-home buyers and an unprecedented wave of migrants seeking accommodation.