Cheapest Capital City Suburbs To Rent Today
Australia is in the midst of a rental crisis, with weekly rents rising 30% over 38 consecutive months
3 min
It costs a median $616 per week to rent a property across Australia’s combined capital cities, with rents rising 10% over the past 12 months alone, according to new CoreLogic data. The cost is lower across the combined regions a median of $507 per week, up 4.1% over the past year.
Rents across Australia have risen by 30% over 38 consecutive months, adding $137 per week to the median cost of renting. The number of properties being advertised for rent fell to its lowest level in more than 10 years during the September quarter. A rental vacancy rate of 3% is considered a balanced market but rates are now at record lows of 1% in the capitals and 1.2% in the regions.
CoreLogic Economist Kaytlin Ezzy said record high net overseas migration and an estimated shortfall of 47,500 rental homes were pushing rental values higher. However, she noted that the pace of rental growth is starting to slow, with national rents rising 1.6% in the September quarter compared to 2.2% in the June quarter, as renters hit an affordability ceiling.
Ms Ezzy said more renters were banding together to form larger households to share the burdensome cost – a trend that is creating stronger demand for rental houses, in particular. “There is already some evidence that a structural change in household formation, coupled with worsening affordability in the unit sector, has shifted some rental demand back in favour of the low-density sector,” Ms Ezzy said. “National house rents are now rising faster than unit rents … reversing the trend seen through much of 2022 and the first half of 2023.”
CoreLogic has published a report revealing the cheapest suburbs to rent in within a 20km radius of capital city CBDs. The list below shows the current median weekly rent in each suburb.
Cheapest rents within 20km of CBDs
Sydney houses
Auburn $648 pw
South Granville $657 pw
Granville $673 pw
Regents Park $675 pw
Sefton $676 pw
Sydney apartments
Berala $486 pw
Wiley Park $491 pw
Punchbowl $498 pw
Lakemba $501 pw
Regents Park $509 pw
Melbourne houses
Albanvale $441 pw
Laverton $441 pw
Broadmeadows $441 pw
Kings Park $442 pw
Ardeer $443 pw
Melbourne apartments
Albion $366 pw
St Albans $398 pw
Deer Park $406 pw
Kingsville $411 pw
Thomastown $420 pw
Brisbane houses
Woodridge $501 pw
Inala $503 pw
Ellen Grove $523 pw
Darra $526 pw
Rocklea $544 pw
Brisbane apartments
Woodridge $352 pw
Rochedale South $436 pw
Strathpine $446 pw
Brendale $459 pw
Alexandra Hills $468 pw
Adelaide houses
Salisbury $473 pw
Braham Lodge $475 pw
Salisbury Downs $478 pw
Paralowie $498 pw
Taperoo $502 pw
Adelaide apartments
Salisbury East $361 pw
Salisbury $378 pw
Kilburn $397 pw
Klemzig $402 pw
St Marys $403 pw
Perth houses
Girrawheen $491 pw
Gosnells $501 pw
Midland $503 pw
Middle Swan $518 pw
Koondoola $519 pw
Perth apartments
Midland $433 pw
Gosnells $441 pw
Noranda $445 pw
Hamilton Hill $457 pw
Coolbellup $462 pw
Hobart houses
Bridgewater $485 pw
Midway Point $501 pw
Chigwell $501 pw
Claremont $509 pw
Berridale $516 pw
Hobart apartments
Claremont $411 pw
West Moonah $422 pw
Glenorchy $431 pw
Lindisfarne $456 pw
New Town $463 pw
Canberra houses
Higgins $597 pw
Scullin $598 pw
Page $599 pw
Charnwood $599 pw
Holt $599 pw
Canberra apartments
Lyons $468 pw
Chifley $494 pw
Hawker $501 pw
Mawson $528 pw
Gungahlin $529 pw
Darwin houses
Moulden $539 pw
Gray $549 pw
Driver $564 pw
Woodroffe $587 pw
Bakewell $591 pw
Darwin apartments
Bakewell $457 pw
Leanyer $468 pw
Coconut Grove $475 pw
Millner $478 pw
Rapid Creek $494 pw
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New detached-home sales fell 10% nationally in August, led by a 27% decline in Victoria, raising concerns about construction starts in 2027.
2 min
Australia’s hoped-for recovery in housing construction is losing momentum before it has had time to close the national supply gap.
Sales of new detached homes fell 10 per cent nationally in August, according to the Housing Industry Association’s survey of major volume builders across the five largest mainland states. It was the fourth consecutive monthly decline.
The fall was broad rather than isolated. Victoria recorded the largest retreat, down 27 per cent, followed by Queensland at 20.2 per cent, New South Wales at 17.5 per cent, South Australia at 10.8 per cent and Western Australia at 8.2 per cent.
Across the three months to August, sales were 19.3 per cent below the preceding three-month period and 7.7 per cent lower than the equivalent period a year earlier.
New-home sales matter beyond the immediate fortunes of volume builders. They are an early indicator of future starts: buyers sign contracts, finance is finalised, approvals are secured and construction follows months later. A sustained sales decline during the middle of 2026 is therefore likely to weaken commencements during 2027.
The slowdown reflects the collision of several pressures. Households have absorbed multiple interest-rate rises, reducing borrowing capacity and increasing the repayment cost attached to a new build. Established-home prices have softened in some markets, weakening the relative appeal of waiting through a construction period. Builders continue to face elevated labour and material costs.
The Reserve Bank’s August analysis showed new-dwelling construction prices increased 1.8 per cent during the June quarter and 5.3 per cent over the year. It attributed part of the pressure to oil-derived building products and other conflict-related costs.
Policy uncertainty can also cause buyers and investors to defer large commitments. But the precise contribution of any single tax or regulatory change is difficult to isolate from rates, confidence, land prices and construction costs. The HIA survey should be read as an indicator from large builders rather than a complete count of every dwelling sale.
The figures complicate progress towards the Housing Accord target of 1.2 million homes. The National Housing Supply and Affordability Council reported 308,000 completions since the Accord began and 244,000 dwellings under construction in the March quarter. Approvals and commencements had improved, but falling sales risk undermining the next wave.
For developers and governments, the warning is that planning approvals alone do not create homes. Projects need finance, viable construction pricing and buyers able to settle. If one part fails, approved supply can remain on paper.
Data box
National August new-home sales: Down 10 per cent
Three months to August: Down 19.3 per cent from the preceding three months
Year-on-year three-month comparison: Down 7.7 per cent
Victoria: Down 27 per cent
Queensland: Down 20.2 per cent
New South Wales: Down 17.5 per cent
South Australia: Down 10.8 per cent
Western Australia: Down 8.2 per cent
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