Tenants are paying an eye-watering $700 a week for units with a single bedroom and no car space as new data reveals how much the cost of renting has soared across Australia.
Sydney‘s median rent skyrocketed 28.4 per cent to $695.81 a week over 12 months, making it Australia’s most expensive capital city market, SQM Research data shows.
One-bedroom units with no car space are being advertised for $700 a week in Bondi – but this is entry-level in the famous Sydney beach suburb where $1,008.93 is the median rent for an apartment.
Ryde in Sydney’s north is more the typical Sydney suburb when it comes to renting, with a median cost of $666.76 across houses and apartments.
Rents have been surging so much in some cities during the past year that tenants are paying $700 a week just for a one-bedroom unit with no car space (pictured is a one-bedroom unit at Bondi in Sydney’s east)
Ryde in Sydney’s north is more the typical suburb when it comes to renting, with a combined house and apartment rent of $666.76. A three-bedroom house (like the one pictured) has a median rental price of $703.13 a week
A three-bedroom house in Ryde has a median rental price of $703.13 a week.
But across all house sizes, the median rent in Ryde surged by a whopping 34.1 per cent to $771.72 a week during the past year.
Unit rents soared 30.8 per cent in the year to December, this week hitting $623.84.
Surging rental prices come as the return of international students has boosted demand for houses and apartments in Australia’s biggest cities, leaving tenants with fewer choices.
A year ago, when Australia was still closed to international students, Canberra was Australia’s most expensive rental market, but that has now changed.
Canberra’s median rent is now $641.95, following a 5.9 per cent increase in the year to November 12.
That kind of rent would be enough to lease a three-bedroom house at Belconnen, where $640.11 is the median lease for that kind of home.
Brisbane is now Australia’s third most expensive capital city rental market with a median weekly lease of $572.40, following an annual rise of 24.5 per cent.
Brisbane is now Australia’s third most expensive capital city rental market with a median weekly lease of $572.40, following an annual rise of 24.5 per cent (pictured is a Mount Gravatt house being offered for $550 a week)
The median rent for houses and units in Mount Gravatt surged by 23 per cent to $585.19, while the mid-point for a three-bedroom house during the past year surged by 29.2 per cent to $595.94.
Darwin is the next priciest capital with a median weekly rent of $562.70 following a 5.8 per cent increase.
Moil, in the northern suburbs, is typical of the city with a mid-point rent of $559.47 for houses and units.
Perth rents during the past year have surged by 18.3 per cent to $553.49 a week.
Balcatta, in the city’s north, has a median weekly rent of $554.14 for houses and units. House rents in this suburb during the past year have climbed by 10.1 per cent to $587.39 a week.
Hobart rents during the past year have climbed by 9.9 per cent to $510.56 a week.
That kind of money would pay for a two-bedroom unit at Sandy Bay, where $504.31 is the median rent for that kind of apartment.
Melbourne is Australia’s second cheapest capital city market for renters, despite being the nation’s second-biggest city.
But rents have nonetheless surged by 22.8 per cent during the past year to $512.89.
Melbourne is Australia’s second cheapest capital city market for renters, despite being Australia’s second biggest city. But rents have nonetheless surged by 22.8 per cent during the past year to $512.89 (pictured is a Doncaster house on the market for $500 a week)
Doncaster in Melbourne’s east is the city’s typical suburb with a mid-point weekly rent of $523.92 for houses and units, following an annual increase of 11.4 per cent.
A three-bedroom house has a median rent of $518.33.
Bayside suburb St Kilda has a median weekly rent of $530 for a two-bedroom unit.
Adelaide is Australia’s cheapest capital city market with a median weekly rent of $494.46, following a 20.6 per cent annual increase.
Port Adelaide is typical, having a combined house and unit rent of $492.77, following an 18.5 per cent increase.
A middle house rent in this suburb is $550.12 compared with $385.45 for units.
Adelaide is Australia’s cheapest capital city market with a median weekly rent of $494.46, following a 20.6 per cent annual increase (pictured is a Port Adelaide apartment for $500 a week)
