The suburbs in Sydney and Melbourne which command the highest weekly rents have been unveiled in a new report by Domain.
Double Bay takes out first place as Sydney’s most expensive rental suburb for houses, commanding a median asking rent of $2,300 per week, followed by Vaucluse, Dover Heights, Bellevue Hill and Balgowlah Heights.
Sydney’s most expensive rental suburb for units is Dawes Point with a median weekly rent of $1,585, followed by The Rocks, Millers Point, Point Piper and Darling Point.
Meanwhile, the city’s most affordable suburbs have a median asking rent of $320 per week for houses and $270 for units.
Domain Group senior economist Dr Andrew Wilson said Sydney’s harbour-side suburbs dominate the city’s most expensive rental locations in both houses and units.
“Sydney’s most affordable suburbs for house rents are all located in the outer west region,” he said.
“The significant affordability advantages of these areas are becoming increasingly popular with tenants, particularly with new infrastructure initiatives improving the liveability of the area generally,” he added.
Melbourne’s most expensive rental suburb for houses is Toorak, commanding a median asking rent of $900 per week for houses, followed by East Melbourne, Black Rock, Canterbury and Brighton.
The most expensive rental suburb for units is Brighton, with a median asking price of $550 per week, followed by Fitzroy, Southbank, Port Melbourne and Docklands.
Meanwhile, the city’s most affordable suburbs have a median asking rent of $260 per week for houses and $200 for units.
“It is interesting to see that Black Rock in Melbourne’s inner Bayside area is generating higher rents than neighbouring Brighton which is traditionally regarded as the Bayside’s prestige market leader,” Dr Wilson said.