The most and least affordable rental location in Australia
The Australian rental market has been buzzing with activity, and recent studies have shone a spotlight on the affordability of renting across different regions. As the search for affordable rental options intensifies, let's take a closer look at the surprising findings that reveal the most and least affordable places to rent in Australia.
The Least Affordable Places to Rent in Australia: A comprehensive analysis by Renovation Capital has uncovered the least affordable rental destinations in Australia. The study considered factors such as renting population, median weekly income, rental value changes, and more. Here are the regions that emerged as the top ten least affordable places to rent:
- Moreton Bay, Queensland: With a score of 52.1 and a median weekly rent of $519, this region faces affordability challenges.
- Western Australia Outback - North: Scoring 51.2 and a median weekly rent of $765, this area poses rental hurdles.
- Bunbury, Western Australia: With a score of 51 and a median rent of $525 a week, Bunbury faces affordability concerns.
- Eastern Suburbs, Sydney, NSW: Despite a median weekly income of over $3800, this region scores 50.9 with a median weekly rent of $1289.
- Mid North Coast, NSW: Scoring 50.4 with a median weekly rental of $508, this region highlights affordability issues.
- Mandurah, Western Australia: Scoring 48.4 with a median weekly rent of $504, affordability is a challenge in Mandurah.
- Coffs Harbour - Grafton, NSW: With a weekly rent average of $561, the Coffs-Grafton region scores 47 in terms of affordability.
- Sunshine Coast, Queensland: The region's average weekly rent of $711 results in a score of 43.7, indicating rental challenges.
- Gold Coast, Queensland: Scoring 40.5 and a median weekly rent of $791, the Gold Coast presents affordability obstacles.
- Richmond-Tweed, NSW: Despite a median weekly rent of $711, this region scores 40 due to lower median income for residents.
The Most Affordable Places to Rent in Australia: On the flip side, the study also unveiled the most affordable rental areas in Australia. Inner Melbourne secured the top spot with an impressive affordability score of 85 out of 100. The report highlighted areas in Melbourne as offering affordable rental options, while regional areas posed challenges.
Rising Rental Costs and Contributing Factors: The study discovered that the average weekly rent in Australia increased by 10% over three years, rising from $470 per week in 2020 to $520 in 2023. A combination of factors such as low housing supply, high demand, investor interests, and governmental policies favoring investors have contributed to this surge in rental costs.
Are you buying a property?
Navigating the rental or homebuying landscape can be complex, but Property Mates is here to simplify your journey. With a team of experts and a trusted reputation, we make your homebuying experience easier. Whether you're looking for affordability or convenience, Property Mates is the key to finding your ideal rental. Visit us at www.propertymates.io to embark on your seamless property adventure today!