Most expensive and most affordable rental suburbs in Australia’s capital cities
New data has identified the suburbs in each capital city where investors are achieving the highest and lowest rental rates.
CoreLogic’s Quarterly Rental Review for Rental Q1 2022 revealed the most expensive and cheapest suburbs to rent houses and units in Australia’s capital cities.
The report also noted that national unit rents climbed at a quicker rate than national house rents, at 3 per cent and 2.4 per cent, respectively, breaking the trend seen since May 2019, with both sectors recording an increase in the pace of quarterly rental growth.
However, on an annual basis, houses (9 per cent) continue to beat units (8 per cent) despite the recent increase in unit rents.
Looking at the capital cities, Canberra remains as the most expensive capital city rental market. According to CoreLogic data, renting in the ACT costs $674 a week, on average – significantly higher than the national median rent of $509 per week.
Sydney was the second-most expensive city at $621 per week, followed by Darwin, where a rental property costs $559 a week, Hobart at $532 a week, Brisbane at $523 per week, and Perth at $496 a week.
Melbourne was tagged as the second-cheapest rental market, with a typical dwelling costing renters $468 a week, on average.
Adelaide has the accolade of being the most affordable capital city to rent in, with weekly rates averaging $464.
“Eased international travel restrictions are likely to be a catalyst for continued growth in the rental market, as overseas arrivals such as international students and long term migrants are typically renters when they first come to Australia,” CoreLogic head of research Eliza Owen said.
Here are the most expensive and affordable places to rent houses and units in each capital city:
Sydney
Most expensive - house: Vaucluse ($2,394 median rent)
Most expensive - unit: Point Piper ($1,096 median rent)
Most affordable - house: Tregear ($412 median rent)
Most affordable - unit: Cabramatta ($342 median rent)
Melbourne
Most expensive - house: Brighton ($1,281 median rent)
Most expensive - unit: Brighton East ($629 median rent)
Most affordable - house: Melton ($356 median rent)
Most affordable - unit: Melton South ($305 median rent)
Brisbane
Most expensive - house: Ascot ($1,055 median rent)
Most expensive - unit: Kenmore ($601 median rent)
Most affordable - house: Toogoolawah ($332 median rent)
Most affordable - unit: Logan Central ($294 median rent)
Adelaide
Most expensive - house: Glenelg South ($784 median rent)
Most expensive - unit: Kent Town ($482 median rent)
Most affordable - house: Elizabeth North ($326 median rent)
Most affordable - unit: Salisbury ($289 median rent)
Perth
Most expensive - house: Dalkeith ($1,200 median rent)
Most expensive - unit: North Fremantle ($644 median rent)
Most affordable - house: Midvale ($371 median rent)
Most affordable - unit: Orelia ($268 median rent)
Hobart
Most expensive - house: Sandy Bay ($722 median rent)
Most expensive - unit: Claremont ($466 median rent)
Most affordable - house: Primrose Sands ($446 median rent)
Most affordable - unit: Brighton East ($406 median rent)
Darwin
Most expensive - house: Stuart Park ($774 median rent)
Most expensive - unit: Bayview ($605 median rent)
Most affordable - house: Moulden ($497 median rent)
Most affordable - unit: Bakewell ($410 median rent)
Canberra
Most expensive - house: Campbell ($978 median rent)
Most expensive - unit: Forrest ($695 median rent)
Most affordable - house: Charnwood ($617 median rent)
Most affordable - unit: Hawker ($496 median rent)
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