Hot on the heels of record population growth, asking rents for Melbourne houses are now 7.5 per cent higher than a year ago, or 10.7 per cent higher than three years ago, according to SQM Research.
Source: SQM Research
Unit asking rents in Melbourne are also 10.7 per cent higher that three years ago.
Sydney house rents have followed a similar trajectory since 2009, and are up a slightly stronger 11.7 per cent over the past three years.
Indeed, Sydney rents have been outpacing inflation consistently for a long time - including rising by 56 per cent over the last decade - which has made the rent versus buy decision a more difficult one than many suppose.