Asking rents off & running again

Up rents

Asking rents are off and running again in 2024.

Asking rents for houses nationally are up more than +10 per cent over the past year, and have accelerated over the past quarter, rising by +3.8 per cent. 

There tends to be a bit of a seasonal element to this, although the pandemic messed with a few of those patterns since early 2020. 

Unit rents are also up more than +10 per cent over the past year.

This time around, the surge is being driven by the capital cities: notably Sydney, Melbourne, Perth, Adelaide...and also Brisbane, where asking rents for units have ballooned by more than +15 per cent over the past year. 

I've seen enough cycles now to know that prices for units in Brisbane will surge spectacularly over 2024, just based on how open homes have kicked off in 2024. 

I guess that's partly an affordability thing - with no interest rate cuts likely until later in 2024 - as well as the desire to avoid the rental market participant right now.

BIS Oxford Economics forecasts unit prices to rise by +23 per cent in Sydney over the next 3 years, outperforming houses (+16 per cent). 

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US stocks powered back to a record high as markets salivate about interest rate cuts this year, with Australia quite likely to follow suit soon. 

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