Rents heading up
Rental price growth - somewhat counter-intuitively given the ongoing international border closures - has increased to the fastest level in more than a decade, according to CoreLogic's data and economics guru Eliza Owen:
Source: CoreLogic
Whereas previously many renters were inclined to share rentals, the working from home shift over the past 18 months has likely encouraged more renters to seek out their own rental space for work purposes.
Following the trend in asking rents, Sydney is now recording increases in the median rental price - driven by detached homes - with cities such as Darwin, Perth, Brisbane, Canberra, and Adelaide all recording strong growth in rents.
Source: CoreLogic
Nothing much has fed through the consumer price index figures at this point, which are in any case largely weighted towards Sydney and Melbourne.
Some of the fastest growth in rents has been seen across the combined regional markets, reflected in a double-digit percentage increase over the year.
