Core Logic data showed the median rent in Brisbane was now $573 a week with Canberra leading the way on $682 a week. The increase was likely to add to pressure to the Government’s housing summit scheduled for October 20.

The Government faces a push from advocates for a big increase in social housing as well as reform of planning laws and the quickened release of land.

Since August 2020, the median rent in Australia has jumped $90 a week. Mortgages have also increased along with hikes in the Reserve Bank six consecutive increases in the cash rate and more were expected until March or April next year.

The rent increase adds to the skyrocketing cost of buying after a boom saw prices rise 30 per cent or more in the south east.

Brisbane unit rents recorded the strongest quarterly growth rate in September (4.6 per cent), while Adelaide and Brisbane tied for the strongest rise in house rents (3.6 per cent).

However, while Brisbane skipped ahead relief may be close by. Nationally, the pace of rent increases appeared to be slowing.

Core Logic said the rental increase nationally in September was 0.6 per cent, the lowest rise this year. The quarterly trend in national rent values was now 70 basis points below the peak in May of 3 per cent.

Core Logic’s report author Kaytlin Ezzy said despite that, the annual growth trend was 10 per cent.

“We saw rents fall marginally over the first few months of Covid but since August 2020, national dwelling rents have surged almost 20 per cent, equivalent to a weekly rent rise of $90 a week,” Ezzy said.

Vacancy rates remain at record lows at 1.1 per cent nationally, so the easing of rent increases was surprising, but suggested that there was an increasing number of people who were hitting affordability constraints.

Gross rental yields continue to expand, with rental values rising as housing values depreciate. National dwelling values fell -4.1 per cent while national dwelling rental values rose 2.3 per cent over the September quarter, resulting in a rise in dwelling yields of 24 basis points to 3.57 per cent.

Ezzy said while yields are above the record lows recorded in February (3.21 per cent) they are still well below the pre-pandemic decade average of 4.24 per cent.

“With interest rates expected to continue rising throughout the first half of 2023, it’s likely we’ll see further downwards pressure on housing values,” Ezzy said.

“In this scenario it is likely rental yields will continue to improve with the combination of continued rental growth and falling values being a potential catalyst for national dwelling yields to return to long-term averages, which could help offset the highest mortgage costs investors are facing.

“Once interest rates have stabilised, higher yields coupled with lower values and stronger buying conditions, could entice more investors to enter the market, which would ultimately help raise rental supply.”

Seven of the eight capitals saw dwelling rents rise over the quarter and year. Canberra was the only capital city market which recorded a quarterly fall in dwelling rental values (-0.4 per cent), driven by a -0.9 per cent decline in house rents.

National units recorded a new peak annual growth rate of 11.8 per cent over the 12 months to September. National house rents slowed to 9.4 per cent in September.

While rents continue to increase, Pexa revealed that the number of sales was falling in Queensland.

Settlements dropped 5 per cent between August 22 and September 22 and were down 21 per cent on the same time last year. The aggregate value was down 5.9 per cent to $12.3 billion.