Rents in Australia Rise 44 Percent in 5 Years as Vacancy Rate Hits Record Low

Nationally, rents increased 4.3 percent in a year up to the end of September. The median rent in Sydney is $807 per week, compared to $615 in Melbourne.

A general view of housing in the suburb of North Sydney, Australia on June 28, 2024. Lisa Maree Williams/Getty Images

Rents across Australia have soared by nearly 44 percent in the last five years, according to a new report.

The Cotality National Rental Value Index, released on Oct. 8, showed national rents rose 4.3 percent in the year up to September to an average of $672 a week, including both capital cities and regional areas.