Australia's rental market hits record highs as supply tightens

National median rent rose to AU$705 a week in the June quarter, with a 1.6% vacancy rate – well below the five‑year average – and listings 16.7% below long‑term norms. Tight supply forced apartments to lease rapidly; the median time on market fell to 15 days nationally, dropping to eight days in Adelaide, six days in Hobart and just 12 days in Sydney.

Sydney remains the most expensive capital with a median weekly rent of AU$841, while Perth and Brisbane recorded AU$784 and AU$734 respectively. House rents in Sydney reached a historic AU$1,000 a week. Perth’s median house rent hit AU$750 and unit rent AU$700, but growth slowed to 0.4% in the June quarter, suggesting renters are hitting an “affordability ceiling.”

The shortage of rental stock, down 5.9% year‑on‑year, forces tenants to allocate around one‑third of household income to rent, rising to 35% in some regional markets. Federal budget measures, including a 50% boost to Commonwealth Rent Assistance, aim to ease pressure, but no immediate relief was provided.