If property prices are going down, why are rents going up?
- Aug 19, 2022
- 1 min read
Tenants hearing talk of a housing market downturn would be forgiven for thinking they will get a break on the cost of their rent.
While national property values dropped 2 per cent in the three months to July, on CoreLogic figures, and are expected to fall further, the rental market is heading in the opposite direction.
The country is in the grips of another rental crisis, with Australian rents now 9.8 per cent higher over the year to July on CoreLogic figures – and that is unlikely to ease as population growth returns to normal, adding to more rental demand.
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