Canberra picks up Sydney for Australia’s most expensive rentals
It won’t be a revelation for renters, but Canberra is still the most expensive city in the country to rent a property, with the northern suburb of Campbell being the most expensive in the city.
According to data from CoreLogic, renting in ACT will cost you an average of $ 633 per week, well above the national median of $ 485 per week.
The typical ACT unit will cost $ 533 per week, while the median price of renting a home is $ 690 per week.
While the real estate market is booming, weekly rents in Canberra are up 9.6% compared to an annual increase in national rents of 8.9%, the strongest growth since 2008.
In all capitals, rents rose 1.9% in the last quarter, but only 1.5% in Canberra.
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CoreLogic’s report also listed the top 30 most expensive suburbs to rent.
In the more expensive suburb of Campbell, the median weekly rent for a house is $ 952 per week, followed by Throsby at $ 890 per week and Wright at $ 875.
The most affordable suburb to rent a house was Charnwood, with a median weekly rent of $ 589.
Garran, O’Connor, Hughes, Farrer, Ainslie, Yarralumla and Curtin were also in the top ten for suburbs.
As for units, the most expensive suburb to rent is Yarralumla where one unit will cost $ 816 per week, compared to the more affordable suburb of Curtin which will set you back $ 442 per week.
Amanda Gordon, head of property management at McIntyre Property, said rental prices are only expected to rise in the coming months as the sales market explodes.
She has seen with her own eyes the rent increases take effect in Tuggeranong, where most of the properties managed by McIntyre Property are located. She says the market is only getting tighter.
âNow is a good time to sell, we just have fewer and fewer properties,â said Ms. Gordon.
âThe ones we list, we have people who just stumble upon themselves to apply. “
Low housing supply and high demand mean higher prices, she says.
She fears more investors will take their money between states without government incentives to lower property taxes on homeowners who choose to rent.
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Nationwide, Sydney was the second most expensive city at $ 595 per week, followed by Darwin where a rental property will set you back $ 561 per week, Hobart at $ 507 per week and Brisbane and $ 491 per week.
Melbourne is the second cheapest rental market, with typical accommodation costing $ 450 per week.
The most affordable capital to rent is Adelaide with rentals available starting at $ 440 per week.
CoreLogic research director Tim Lawless said he expects domestic rental prices to continue to rise for the foreseeable future.
He believes that with only small increases in household incomes, the affordability of rents in Australia is also likely to become an issue.
âData up to March shows that renters were spending an average of 28.7% of their household income on rent, which is slightly above the decade average of 28.1%,â Lawless said.
âRenting affordability deteriorated further from there, which is likely to see more renters turn to higher density rental options where renting tends to be more affordable. “
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