From bad to worse: Australian rents hit new highs
Australia’s rental crisis has hit another record, as tenants complain of up to 22 per cent rise in weekly payments. Domain on Thursday revealed, across Australian capital cities, median weekly rent payments are $515 for a house and $460 for a unit. That’s an increase from $460 and $410 respectively at the same time last year. Watch the latest News on Channel 7 or stream for free on 7plus >> The lack of supply in the market has contributed to rising rents, along with successive rate hikes by the Reserve Bank of Australia. The tenant bears the costs. In this week’s Reddit thread, tenants said they had been hit by increases of more than 20 percent in some cases. Someone said while they expected rents to increase, they were surprised when it jumped from $220 per week to $270 – a 22 percent increase. Others say their rents have gone up from $620 per week to $680 – but they are pragmatic about those increases. “To be honest I’m glad I got a rent increase on the first rate hike,” said
