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, 2022Grey 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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New research from Knight Frank’s International Waterfront Index shows waterfront properties are costing more than double their inland counterparts in Sydney while in Melbourne waterside properties attract a 40% premium.

Australia’s coastline attracts some of the highest waterfront premiums in the world with Sydney topping the index — an average premium of 121% — compared to an equivalent home set away from the water.

Auckland ranked second on the list of 17 international locations — a premium of 76%. The list saw Gold Coast (71%), Perth (69%) and the Cap d’Antibes (59%) on the French Riviera round out the top 5.

Australia continued to feature prominently in the research with Brisbane’s waterfront premium coming in at 55%, with Melbourne also in the top 10 at 39%.

According to Knight Frank Australia’s head of residential research, Michelle Ciesielski, there has always been strong appetite for Sydney’s waterfront homes.

Australia’s luxury residential market has advanced, it lacks the depth of prestige markets in more established global cities said Cieselski.

“As a result, our Australian cities can achieve a significantly higher premium on the waterfront compared to a similar property inland without access to, or a view of, water,” she said.

“Also, Australia is known for its balmy outdoor lifestyle, so many buyers in this super-prime space are willing to pay a premium to secure the ideal position along the waterfront.”

The data also suggests that beachfront homes were most desirable, commanding a premium of 63% compared to harbour locations fetching 62% premium and coastal homes with a 40% premium.