Australia’s Housing Rent Hits Record High in Headache for RBA

Australia’s housing rental value hit a fresh record in April with some cities seeing renewed growth momentum, a troubling sign for the Reserve Bank that’s likely to leave borrowing costs at a 12-year high this week to stave off price pressures.

Median dwelling rent was A$627 ($413) per week nationwide, as of April, up 8.5% from a year ago, data from property consultancy CoreLogic Inc. showed. Sydney was the most expensive market to rent at A$770 per week, followed by capital Canberra at A$674 and mining powerhouse Perth at A$669 where the annual rate of growth was also the strongest of all capital cities.