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Rental prices in Australia have hit a new record high, surpassing $600 per week for the first time. The national median rent increased by 8.3% and was seen in almost all markets across the country. Factors contributing to the housing crisis include a spike in immigration, a temporary shock to investment housing activity due to rising interest rates, and a shift away from share housing. Sydney has been particularly affected, with the median weekly rent reaching $745 and exceeding $1,000 in the Eastern Suburbs. Rent affordability has worsened as rental values outpace wage and income rises.

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