In a sign of how bad the rental crisis is in Australia, the average weekly rental price for units in Sydney has exceeded $600 for the first time.
Average rental demand across capital cities in Australia has increased by up to 24 per cent in the past year, according to the Domain Rental Report for the March quarter [[2023]].
CoreLogic data says Sydney's average weekly rental price has reached $699.
Regional Australia also experienced a sharp rise in private rents. Over the past five years, average rents rose by 80 per cent in the coastal town of Gladstone, Queensland.
Across the country, the problem of skyrocketing rents and the low availability of rental properties has prompted renewed consideration about the need for state governments to limit the number of rent increases. A
temporary six-month rent freeze was implemented by some states in the early days of the pandemic, but the ACT is the only jurisdiction that currently has a rent limit system.
