Rents boom in Australian city
Rent.com.au has released its monthly rental statistics and, while most capital cities showed minimal change, one city experienced a boom in its median rent.
The average median rent across Australia rose by 1 per cent to $425 per week in November, but Hobart saw an impressive rise of 18 per cent, from $340pw in October to $400pw in November.
Tasmania’s regional rents, however, dropped by 4 per cent and the state's price per room (PPM) dropped by 3 per cent from the previous month.
Unsurprisingly, Sydney continued to be the most expensive city for renters: median rents stayed consistent at $550pw in November, while Adelaide was the cheapest at $333, 1 per cent less than October’s results.
Sydney also had the highest measured PPM at $265pw, a 2 per cent downturn from October, with Adelaide and Perth fighting for most affordable.
Sydney continued to lean towards apartments: they made up 64 per cent of recorded dwelling types.
Both Perth and Adelaide showed the opposite: their property type make-up was 73 per cent houses.
NSW suburbs Lindfield, Allambie Heights, Seaforth, Tamarama and Hunters Hill were the five least affordable suburbs, with median weekly asking rents of $1,250, $1,190, $1,125, $1,075 and $1,050 respectively.
Prices moved very slightly in regional markets. NSW reported a 3 per cent increase to $380pw.
Victoria reported a 4 per cent increase, while regional Queensland saw no change in its median rental prices.
Victoria’s five least affordable suburbs were Clifton Hill ($708), Caulfield South ($680), Brighton East ($663), Black Rock ($650) and Carlton North ($625). Queensland’s were Hendra ($765), Main Beach ($700), Mitchelton ($700), Benowa ($680) and Clear Island Waters ($680).
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