Rents clusterf*ck
Domain released its latest rental market report, showing an acceleration in unit rents, up by +3.3 per cent over the March quarter in the capital cities.
The accelerations has been more of a capital city story, than across regional markets now.
Noted Domain:
"Australia’s rental market experienced a reacceleration of rental growth over the first quarter of 2024, leading to further record asking rents.
Combined capital house rents surged 5% over the quarter – the steepest quarterly gain in 17 years and the second-highest on record."
Rents for units in Brisbane are up 18 per cent over the year, while rents for units in Perth were up by more than 22 per cent.
Rents for units absolutely blasted higher in Perth, Melbourne, and Brisbane over the March quarter, at 20 per cent plus annualised rates.
No slowdown here...
House rents accelerated even harder, increasing by +5 per cent in the capital cities over the March quarter, driven by very rapid increases in Adelaide, Perth, and to a lesser degree Melbourne, Brisbane, and Sydney.
For houses, rents were up by more than +18 per cent in Perth, and were up by +14 per cent in Melbourne, Sydney, and Adelaide.
Source: Domain
There's little chance of any monetary easing in this environment, and rate cut expectations have been pushed out until the final quarter of 2024.
In the US overnight, core inflation came in hotter than market expectations in March at +0.4 per cent, so higher for longer is definitely an ongoing theme.
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