‘A landlord’s market’: rents hit record highs across Australia’s capital cities

Apartment rents in Sydney reached an average of $525 per week in the June quarter, up 11.7% annually, according to data released by Domain. Photograph: Mick Tsikas/AAP

Rents have hit record highs across Australia’s capital cities, with both house and unit rentals up 12% in the past year alone, data released by Domain reveals.

The annual increase is the largest in 14 years, making it very much a landlord’s market, Domain chief of economics and research Dr Nicola Powell told Guardian Australia.