Rents reach all-time weekly highs

The latest figures mark a 4% jump, or $25 a week, when compared with the same month last month.

Typically rent growth accelerates over the summer months, the result of heightened seasonal demand paired with a large number of tenancies coming to an end during this period.

These properties are then put back on the market, often with an adjusted rent.

The national median rent lingered in the $500 bracket for nearly four years before reaching $600 last month. It hit $500 for the first time in April 2019 where it remained for the rest of the year. It then started 2020 at $515, before increasing $5 to $520 by December.