Rent Prices May Finally Be Stabilising Across Australia, Domain Figures Reveal
After several painful years, we may finally have some good news for renters: the skyrocketing rent hikes that have plagued tenants may at last be showing signs of stalling. Small, but sweet — no, I’m not talking about Sabrina Carpenter — this pause offers a moment of stability and begs the question, could renters soon be in for a win?
Research by Domain has found that rental increases across capital cities paused over the last quarter, marking the fifth consecutive stall in rental growth for houses and the second for units — something we haven’t seen in nearly a decade.
“After three years of pretty brutal rent hikes, things might finally be shifting. House rents have flatlined , and unit prices are starting to calm down too. It’s still tough out there with low availability, but this could be the first real sign that the rental squeeze is starting to ease,” said Dr Nicola Powell, Domain’s Chief of Research and Economics.
So, what does this mean for the average tenant and, if renting’s your next step, is now the time to take it?
What’s happened across the country?
Melbourne and Sydney saw weekly house rents finally stabilise at a record highs of $580 and $780 AUD respectively.
This is the first time in six whole years that Sydney rates haven’t risen over the September quarter, so that feels like a huge win. Unit prices remained flat in Melbourne, Adelaide, and Canberra, and actually dropped in Perth (the first time since 2017) and Hobart (the first time since mid-2024). We love to see it!
Of course, it’s not all sunshine and rainbows. Us renters know all too well that rental market loves to give with one hand and take our money with the other.
Sydney’s unit rentals climbed 1.4 per cent to a new record of $750 per week, and Brisbane and Darwin saw unit prices rise to $590 and $550 respectively.
Is now the time to rent?
While I’d love to tell you to rent every house on the street and throw a party that rivals that of Project X, it might not be that simple.
Despite a rise in vacancy rates — AKA the percentage of all rental properties currently vacant and available — they still remain at an all time low compared to pre-pandemic rates, sitting under two per cent in all capital cities, with Domain noting that landlords “still hold the upper hand”.
Of course, that doesn’t mean the perfect house isn’t out there. Domain lets you search and save properties in all areas, filtering for lifestyle and sharing findings with any buddies who may be surfing the rental market with you.
And while rents remain eye-wateringly high (you’ll probably still be paying an arm and a leg for a room the size of a shoebox) we can at least hope that we’re wading into calmer waters.
All in all, the struggle isn’t over, but we’re seeing rental prices stall in ways we haven’t for years. For those that might finally be ready to take the plunge, (looking at you, 20-year-old sitting in your childhood bedroom), now might be as good a time as any to take that next step.
So whether you’re moving in with a partner, headed into a sharehouse (I recommend a cleaning schedule), or just off on a new adventure, find your next house on Domain.
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