SYDNEY, July 9 (Xinhua) -- The median weekly rental price for houses in Australia rose to a record-high in the second quarter of 2026, a report released on Thursday has found.
The latest rent report from property marketplace Domain showed that the median weekly rent for houses across all capital cities rose by 2.9 percent over the June quarter and 7.7 percent year-on-year to 700 Australian dollars (485.2 U.S. dollars).
The report noted that it was the highest rate of annual growth in almost two years.
In Sydney, Australia's most expensive property market, the median weekly asking rent for houses rose to 850 AUD (589.2 USD), up from 800 AUD (554.5 USD) in the first quarter of 2026.
Domain said that the 6.3 percent increase in Sydney house rents was the strongest quarterly growth in four years.
"For Sydney house rents to go up 50 AUD a week in just three months is extraordinary," Nicola Powell, chief of research and economics at Domain, said in a media release.
"This quarterly growth in Sydney is roughly five times faster than a year ago."
The federal government in May announced it would wind back tax concessions for property investors from July 2027.
Zac Snelling, head of property management at major Australian real estate group Ray White, said that some landlords are already increasing rents to account for the tax reforms.
The Domain report said that the median asking rent for houses in regional areas rose by 1.7 percent in the June quarter to 610 AUD (422.8 USD).
The median asking rent for units in capital cities increased by 0.7 percent on a quarterly basis to 680 AUD (471.4 USD). ■
