Recent property data has shown that Shepparton’s rent value index is the highest on record, but national figures suggest a contraction in growth is ahead.
The latest figures from CoreLogic, which analyses the property market across the country, have shown rent values are breaking records across the country.
CoreLogic said the national median rent value rose to a record $601 per week in December 2023. It’s the first time the figure has broken through the $600 mark and is up markedly from $437 per week in August 2020.
The median rent value is what the median dwelling in Australia would rent for if it were put on the market at any given time.
For the past three years, national growth in rent values has risen on average by 9.1 per cent a year.
In the 2010s, that figure was two per cent.
CoreLogic said the increases have been partly driven by a reduction in share housing, a rapid increase in the Australian population from late 2022 and a slowdown in investment activity between May 2022 and February 2023 due to rising interest rates.
It said a reduction in social housing has also increased pressure on the private rental market.
CoreLogic listed Shepparton’s median rent value at a peak of $470, up by 2.9 per cent on the previous 12 months.
The good news CoreLogic has to offer renters is that it predicts annual growth in rents to slow, with the 2023 growth rate of 4.3 per cent across regional Australia down from 13.4 per cent in the year to August 2021.