This comes as a welcome relief to many renters struggling to keep up with the mounting rental prices. As the Reserve Bank of Australia has begun to slash interest rates, relieving many Landlords’ mortgages, rental costs have similarly begun to fall.
As APM Senior Economist Liam O’Hara predicts “There maybe further moderation in median asking rents for the remainder of the year as the possibility of a global recession feeds into the Australian economy.”
In some Australian states, such as Perth, rental prices have decreased this quarter dropping by 6%, from an average of $350 to $330 a week. For those straining under the pressure of debts and living costs, the chance to ease housing costs offers a financial reprieve.
Similarly, the frantic need for housing has diminished, with O’Hara describing “The demand to raise rents for both houses and units has softened, which should provide some relief to renters”.
If you are suffering under the stresses of living costs and struggling to pay your debts, contact ALC and let us help you work towards a brighter financial future. Call 1300 138 188 now or complete and online Express Enquiry form and we will contact you within the same working day.