Australia’s migrant population has climbed to new highs, putting pressure on the local market. In March this year, the Australian Bureau of Statistics said that as of September 30 last year, the numberof net immigrants rose 60% to 548,800 people in a year, and in September of the same year, Australia’s population increased by 2.5% to 26.8 million, an unprecedented increase.
The influx of immigrants has increased tensions in the property market, with rents hitting record highs in Australia, with the national average price reaching A$627, forcing tenants to relocate to the suburbs of capital cities.
The latest data reveals a significant 8.5% jump in rents by 2024. Perth leads the capital cities in the current rental market in terms of annual rent increases, with the median weekly rent now at A$669, up 13.6%. Melbourne has seen a 9.6% annual increase in rents, with an average rent of A$589, the second highest among capital cities, and suburban rents increasing by more than 10%. Adelaide’s average rent was A$580, an annual increase of 9.1%.
Sydney remained the most expensive capital city, with a median rent of A$770, an annual increase of 9%, while the suburbs of Fairfield, Blacktown and Campbelltown saw the fastest growth, up 14.8%, 14.2% and 13.4% respectively.
The following comprehensive measures can gradually move the Australian market towards stability and health, and provide residents with a better quality living environment: firstly, by implementing rent control policies to protect tenants from excessive rent increases; at the same time, the government can encourage developers to build more housing units, especially in high-demand areas. This includes providing financial incentives and accelerating planning; or helping first-time buyers to enter the property market and reduce reliance on the rental market through subsidies and tax breaks.
