While rents continue to grow throughout Australia, the pace of growth is now beginning to slow.

Analysis from the Australian Bureau of Statistics says that since late 2024, the pace of growth in median rents has slowed across most states and territories. It says that since mid-2022, rents for almost all properties with new tenants have been higher than the rents charged to the previous tenants. However, in April 2025, 10% of properties with a new tenant experienced no rent increase, compared to 5% a year earlier.

New South Wales continues to have the highest median asking rent of $650 per week, followed by Western Australia ($613 per week), ACT ($595), Queensland and the Northern Territory ($560), Victoria ($520), South Australia ($495) and Tasmania ($430). According to SQM Research data, vacancy rates are increasing across much of Australia, which is helping ease rental growth. In April 2025, the national vacancy rate rose to 1.3%, up from 1.1% 12 months earlier.

SQM Research managing director Louise Christophers says increasing supply in Melbourne and Sydney gives tenants more options. He says it is typical for the renal market to go into “somewhat of a lull” in winter.