Australian Housing Rents Soar Along With Interest Rates

A lease sign is displayed outside a home in Edmondson Park in Sydney, Australia, on April 28, 2016. Brendon Thorne/Getty Images

Annual growth in housing rent in Australia has reached a 14-year high, making life more difficult for renters across the country at a time when interest rates continue to hike.

According to CoreLogic’s Quarterly Rental Review, the national rental index grew by 0.9 percent in the month to June and 2.9 percent in the June quarter.