Mean housing cost private renters Australia FY 2001-2018

The average housing costs for Australian renters of private property amounted to 399 Australian dollars per week in 2018. The cost of renting in capital cities in Australia had been on the rise, with strong rent increases recorded at the start of 2020. Sydney and Melbourne had the highest weekly rent prices as of March 2020, both seeing increases compared to the previous quarter. In 2019, between 20 to 32 percent of the household income of renters was spent on rent across the country.

Short-term impact of the coronavirus pandemic

With the global outbreak of COVID-19, the historically strong Australian housing market is not immune. In the sort-term, the country will see a drop in rental housing demand as a direct result of migration ceasing, falling overseas student numbers, and younger people opting to stay home. Rental property availability across the country will likely rise in 2020. As short-term rentals, such as those from travel websites, suddenly flood the long-term rental market, a spike in rental vacancy rates is expected. The influx of housing may ease pressure on potential tenants in certain areas, and it may have the carry-on effect of rental costs stabilizing, or in some cases declining. In the inner suburbs of Sydney and Melbourne, for instance, there has already been a significant increase in rental listings compared to the previous year.

Average housing costs per week for renters of private property in Australia from financial year 2001 to 2018

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Source

Release date

July 2019

Region

Australia

Survey time period

financial years 2001 to 2018

Supplementary notes

Australia's financial year runs from July of one year to June of the following year; for example, financial year 2017 starts on July 1, 2016 and ends on June 30, 2017.

Values are in financial year 2018 Australian dollars.

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Statistics on "Residential housing market in Australia"

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