Rent Shock: The Unaffordable Reality Facing Australia's Homebuyers The rent hike in Australian cities has become a familiar phenomenon, but recent numbers from property data company Cotality paint a dire picture of a market spiraling out of control.
Rents have skyrocketed by as much as 80 per cent in some areas since the end of the COVID era freeze on rents, pushing households to the brink and forcing many to abandon their dreams of homeownership.
In Perth's working class suburb of Balga, for example, rents have increased by over $320 a week.