While national property values dropped 2 per cent in the three months to July and are expected to fall further, the rental market is heading in the opposite direction | TawarRazaghi property rents
around the country, leaving renters with few options to choose from and landlords holding the upper hand in charging higher rents.
“Higher interest rates might be used as an excuse, but that’s not the reason driving higher rents. The reality is the market has tightened significantly, and they can increase their rents, so they do,” Jackson said.“You would think there would be this relationship between house prices and rents but that just doesn’t hold – it’s about the supply of rental housing.”
The Australia Institute senior economist Matt Grudnoff said the main reason property prices in the sales market skyrocketed for two years after the pandemic hit was because the cost of borrowing money was at record lows and was now back on the rise.“The reason house prices went up when rates were down wasn’t because everybody was richer. It was because money cost less,” Grudnoff said.
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