by Sanjeev Sah | Feb 7, 2023 | Market Updates

Australia saw the sharpest-ever annual rise in weekly rents over the 2022 calendar year, according to Domain’s latest rental report. 

That’s after house rents in the combined capitals jumped 14.6% over the 12 months to December, while unit rents grew 17.6% (see image). 

So what’s behind the record increase? 

Well, firstly, the available stock is incredibly low – with rental listings plunging 38% year-on-year in December to their lowest level since records began.

At the same time, demand is high – with PropTrack reporting that December also saw enquiries per rental listing on realestate.com.au grow by 31.3% year-on-year in the capitals.