Mortgage-holders got a reprieve when the Reserve Bank held the official cash rate for the second consecutive month when it met this week.
But whether or not the RBA raises rates again, economists say Australians will still be feeling the pain for months to come.
That pain will not only be felt by those struggling to make their monthly home loan repayments while juggling the swirling costs of other basic essentials, such as groceries and electricity.
Renters, too face added financial pressures, with modelling by Suburbtrends predicting how much rents could rise across our major capitals, with tenants in some suburbs facing increases over $100 per week.
In one suburb on Sydney’s northern beaches, rents are forecast to increase by more than $300 a week.
In hundreds of other Aussie suburbs, rents are forecast to rise by less than $50 per week.
But with many families struggling to find the extra dollars to meet their cost-of-living obligations, even seemingly modest increases could be enough to put some renters under real stress.
In a new report, real estate analytics company SuburbTrends used predictive modelling to forecast what rents around the country could look like in 2024.
Here’s a look at the forecast for NSW, Qld, Vic and SA.
NEW SOUTH WALES
Rental prices in several Sydney suburbs are forecast to rise by over $100 per week, according to modelling by SuburbTrends.
The forecast rises come after several record-breaking increases over the past year - fuelled by increasing migration and a decline in building activity.
The predicted increases have put the Sydney market on track for never-before-seen levels of rental unaffordability, which could push more tenants out of a home.
According to the modelling, house rents in Sydney are forecast to rise by an average of $45 a week, with unit rents expected to go up by $35.
The northern beaches suburb of Dee Why was forecast to see the biggest rental price increase in Australia, with the median price of a home increasing by $317 per week and $186 for a unit.
Rental increases over $200 a week were also forecast for properties in Hurstville, Eastlakes, Malabar and La Perouse. House and unit rents were forecast to rise by more than $100 in 26 other regions.
Explore the 2024 rent forecast for every NSW town and suburb
QUEENSLAND
People living on the Gold Coast and Brisbane’s inner suburbs are expected to cop the biggest rent increases in 2024, the SuburbTrends modelling reveals.
The biggest rent hikes for houses are forecast for Surfers Paradise, Broadbeach and Isle of Capri, with the median price expected to rise by $170 a week, to $1145.
The next biggest increases are forecast for Chevron Island, Main Beach, Southport and Paradise Waters, where median rents are predicted to increase by $108 a week to $908.
In Brisbane, the report predicts rents will increase by $19 per week for a house, and $24 for a unit, bringing the median weekly house price to $639 and the weekly unit price to $519.
Weekly rents are predicted to be pricier in inner city suburbs, with the cost of renting a house in New Farm set to rise by $60 and $53 a week in Fortitude Valley.
According to the report, rental prices for both houses and units in Kangaroo Point are tipped to rise by $54 a week.
Explore the 2024 rent forecast for every Queensland town and suburb
VICTORIA
Melbourne rents are forecast to rise by an average of about $24 a week for houses and $25 for units by early 2024, the SuburbTrends modelling shows.
Renters in Port Melbourne, South Melbourne and Southbank are facing the biggest increases, with average rents forecast to increase by $165 from $880 to $1045, Sarah Petty reported.
Increases above $50 a week have also been predicted for some of the city’s more affordable suburbs, including Burnside Heights, where rents would rise by $54 to $512 per week.
SuburbTrends founder Kent Lardner said rents in Melbourne currently accounted for 27 per cent of household incomes, on average, but that was forecast to increase to 29 per cent in the next six months. People paying above 30 per cent are considered to be in rental stress.
Explore the 2024 rent forecast for every Victorian town and suburb
SOUTH AUSTRALIA
South Aussie renters can expect an average rent hikes up to $41 a week in the next six months the SuburbTrends analysis found.
The biggest increase was forecast for Rostrevor-Magill, where house rents are predicted to rise by $40.53 to a new median of $560. T
The next highest rent increase was forecast for North Adelaide where rents would rise by $34.30 to $640 per week, followed by Edwardstown where an increase of $33.65 is predicted.
In Adelaide, house and unit rents are expected to rise by about $33 each per week.
Across metropolitan Adelaide, rents were forecast to increase by $19.30 per week to a median of $512.50 while rents for units were tipped to rise by $22.51 to a median of $400 a week.
SuburbTrends founder Kent Lardner said SA had always been an affordable place to live, but that was changing.
“The rental crisis is a problem that has been decades in the making,” Mr Lardner said.
“It’s going to take a concerted effort from all levels of government, as well as the private sector, to address it effectively.”
Explore the 2024 rent forecast for every South Australian town and suburb
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