Property analysts Cotality (formally CoreLogic) have released their quarterly report – and if you are living in a capital city, you are not imagining it – the rental market is even more cooked. But it’s not much better in the regions, where wages also tend to be lower.

From the report:

The median weekly rental value across Australia’s combined capital cities surpassed the $700 mark for the first time in August, before landing at $702 per week in September.

By comparison, regional rents remain somewhat more affordable, holding below the $600 mark, with the typical regional dwelling renting for $591 per week.

[Economist Kaytlin] Ezzy noted this gap has narrowed in recent years.

“With the regions outperforming the capitals through the second half of 2024 and into 2025 the affordability advantage offered by regional rental markets has reduced from $123 in May 2024, to $111 in September.”

Across the capitals, Sydney remains by far the most expensive rental capital, with the typical dwelling renting for $807 per week, while Hobart maintained its title as the country’s most affordable city to rent in, with a median weekly rental value of $584 per week.