Australia’s record shortage of rental properties will continue to drive prices up for tenants, analysts say, with a new report revealing combined capital city rents rose 13.2% year-on-year.
Data from PropTrack, the property analytics division of REA Group, has revealed national rental prices rose 11.5% over the past year, with combined capital city rents up 13.2% to an average of $600 a week, driven by large increases in Sydney, Melbourne and Perth.
