Capital city rental prices still at record levels but appear to be stabilising

New data shows rental prices across the country remain at an all-time high but are beginning to stabilise.

Transcript

00:00Rental prices across the country have begun to slow.

00:06While they remain high, new data shows that in each capital city,

00:10bar a few, rental prices have begun to stabilise.

00:14In Australia, the median rent price per week for a house is $650.

00:19This has remained the same over the last five quarters.

00:23Domain, a leading property agency, says this means this is one of the longest periods

00:28of rental stability Australia's experienced in almost a decade.

00:32Now, when looking at the individual capital cities, it may come as no surprise

00:36that Sydney leads the nation in terms of rent prices,

00:39with the median weekly rent for a house in the Harbour City setting you back $780.

00:44Now, to rent in Darwin, it's the next most expensive, with rent at $720 per week.

00:50Canberra and Perth trail just behind that at $700.

00:53On the other end of the spectrum, Melbourne and Hobart are the cheapest capitals

00:57to rent a home in, both at $580 per week.

01:01Now, for the most part, rents have remained pretty stable right across the country.

01:05That's except for in Brisbane and Darwin, where renters have experienced

01:09pretty significant rises.

01:11In Brisbane this quarter, rents have increased by $10 per week.

01:15In Darwin, they've jumped a massive $40 per week.

01:18That's about 6% over just the last year.

01:22But Domain says it's not all bad news for renters.

01:25When looking across the board, rents are beginning to stabilise,

01:28which is good news for renters and no doubt a welcome change

01:32to what has been an incredibly turbulent time for rent prices over the last decade.

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