Australia’s Rental Market: A Two-Year Comparative Analysis

Over the past two years, Australia's rental landscape has undergone significant changes. Factors including the COVID-19 pandemic, limited supply, and shifting demand patterns have all played a role in these movements. This overview compares rental trends across Australia’s major cities from 2023 to 2025.

National Snapshot

In 2023, the national median weekly rent was around $570. By the first quarter of 2025, this had increased to $627 — a cumulative rise of roughly 10% over the two-year period.

City-Specific Insights

Sydney: The median weekly rent climbed from $699 in 2023 to $770 by late 2024, marking a year-on-year increase of 9% initially, though growth decelerated to 4.3% by December 2024.
Melbourne: Rental prices showed a moderate rise, increasing from $526 in 2023 with a 3.6% boost in 2024.
Brisbane: The median rent experienced an 8.5% increase, moving from $599 to $649 between 2023 and 2024.
Adelaide: While the 2023 median rent was $531, the trends indicate continued growth into 2024, though detailed figures for that year are less comprehensive.
Perth: Rents increased from $572 in 2023, with certain suburbs reporting over a 10% annual rise.
Hobart: Contrasting with other capitals, Hobart saw a minor decline of 0.2% in 2024 from its 2023 median of $563.
Canberra: The capital observed a modest 1.8% year-on-year increase from its 2023 figure of $674.

Key Factors Influencing Rental Prices

The trends observed in the rental market have been driven by several critical factors:

Supply and demand imbalances
Economic fluctuations
Shifts in migration trends
Policy adjustments and rent assistance measures

Conclusion

From 2023 to 2025, rental markets across Australia have displayed varied trajectories across cities. These shifts underline the need for renters, investors, and policy makers to be adaptive and informed when navigating housing decisions.

Sources: CoreLogic, ABC News, Realestate.com.au

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