Australia’s Cheapest Rental Market
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Australia’s Cheapest Rental Market

New research reveals the country’s most affordable suburbs.

By Terry Christodoulou
Mon, Jan 31, 2022 12:24pmGrey Clock < 1 min

According to CoreLogic’s quarterly Rental Review, Adelaide is the country’s most affordable rental market, claiming the title of cheapest suburb with Elizabeth South tenants paying just $317 on the median.

Each state’s most affordable houses to rent ranged from Melon in Victoria ($351), Tregear in Sydney ($404), Russell Island in Brisbane ($364), Medina in Perth ($372), Primrose Sands in Hobart ($442) and Moulden in Darwin ($500).

On the opposite end of the spectrum, Canberra remains the most expensive capital city rental market, with the median dwelling renting for $651 per week followed by Sydney ($604), Darwin ($561), Hobart ($521), Brisbane ($507) and Melbourne at $456 per week.

The tony eastern suburb of Vaucluse is Australia’s most expensive for house rentals with a weekly rent of $2308.

Sydney’s Point Piper is also the country’s most expensive rent for units at $1086 compared to Orelia, 40km south of Perth, which has the country’s most affordable median unit rent at $258 per week.

The quarterly Rental Review shows the national rental index increased 1.9% during the December quarter. Rents have risen 9.4% to December nationally.

Elsewhere, regional rents continued to outpace capital city rents in the fourth quarter — regional dwellings up 2.5% against the 1.6% rise in capital city rents, taking the annual regional rental growth rate t0 12.1%.


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House values continued to fall last month, but the pace of decline has slowed, CoreLogic reports.

In signs that the RBA’s aggressive approach to monetary policy is making an impact, CoreLogic’s Home Value Index reveals national dwelling values fell -1.0 percent in November, marking the smallest monthly decline since June.

The drop represents a -7.0 percent decline – or about $53,400 –  since the peak value recorded in April 2022. Research director at CoreLogic, Tim Lawless, said the Sydney and Melbourne markets are leading the way, with the capital cities experiencing the most significant falls. But it’s not all bad news for homeowners.

“Three months ago, Sydney housing values were falling at the monthly rate of -2.3 percent,” he said. “That has now reduced by a full percentage point to a decline of -1.3 percent in November.  In July, Melbourne home values were down -1.5 percent over the month, with the monthly decline almost halving last month to -0.8%.”

The rate of decline has also slowed in the smaller capitals, he said.  

“Potentially we are seeing the initial uncertainty around buying in a higher interest rate environment wearing off, while persistently low advertised stock levels have likely contributed to this trend towards smaller value falls,” Mr Lawless said. “However, it’s fair to say housing risk remains skewed to the downside while interest rates are still rising and household balance sheets become more thinly stretched.” 

The RBA has raised the cash rate from 0.10 in April  to 2.85 in November. The board is due to meet again next week, with most experts still predicting a further increase in the cash rate of 25 basis points despite the fall in house values.

Mr Lawless said if interest rates continue to increase, there is potential for declines to ‘reaccelerate’.

“Next year will be a particular test of serviceability and housing market stability, as the record-low fixed rate terms secured in 2021 start to expire,” Mr Lawless said.

Statistics released by the Australian Bureau of Statistics this week also reveal a slowdown in the rate of inflation last month, as higher mortgage repayments and cost of living pressures bite into household budgets.

However, ABS data reveals ongoing labour shortages and high levels of construction continues to fuel higher prices for new housing, although the rate of price growth eased in September and October. 

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