Aussie renters were paying some pretty steep prices in 2023 to keep roofs over their heads, but it looks like prices are set to ease in 2024.
Last year, housing prices went up 8.1 per cent, while rent went up a whopping 8.3 per cent – or about $46 a week based on median rental values.
Listen to the episode of The Briefing here:
It means, rent across Australia is sitting at about $600 a week on average for houses and units.
The first indication of what 2024 will look like however won’t come until the Reserve Bank of Australia Board meets to consider interest rates in early February.
In this episode of The Briefing, Sacha Barbour Gatt speaks with CoreLogic’s Eliza Owen about what factor could bring down weekly rent prices.
She says, like we have heard, the lack of propertied available in comparison to demand has influenced the rise of prices.
“What we’re expecting for 2024 is the pace of rent growth will slow down, but then not expected to come down and that’s because there’s still this massive mismatch between the supply of available rental properties and the demand for those property,” Ms Owen said.
“Rent listings have been sitting well below their historic averages, especially compared to 2010 when interest rates were falling.
That attracted a lot of investors into the market, and that ultimately helped to keep rents really low for many years.”
So, what can we expect in 2024, and how exactly will prices lower – if that’s what’s being forecast? Listen to the episode of The Briefing to find out.