Aussie Renters Face $1560 Annual Increase as Prices Rise

Renters in Australia face ongoing financial strain due to insufficient housing supply, with the median weekly rent reaching $650, a 1.6% increase. REA Group’s senior economist Anne Flaherty attributes rising rents to a supply-demand imbalance driven by population growth, particularly from overseas migration. Sydney’s rental prices continue to climb, averaging $800 per week for houses, while Melbourne’s rents have slightly declined. Greens senator Barbara Pocock emphasizes the crisis, urging the government to recognize housing as a human right.

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