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Advertised rents rose 5% in the first quarter of 2024 as the median rent hit a new record high. Follow the day’s news live
Australian renters cannot get any relief, AAP reports, with asking rents rising in the first quarter and the typically busy start-of-year changeover period colliding with an already hot market.
The median cost of renting a house in the combined capitals reached a new record of $630 a week, according to real estate platform Domain, and recorded its sharpest quarterly gain in 17 years.
This imbalance has consequently fuelled a renewed acceleration in rental price growth.
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