The best cheap and central east coast city suburbs

In a climate of soaring rents and rapidly declining vacancy rates, an affordable Australian rental within touching distance of a CBD is rarer than snow in the Sahara.

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Throughout the September quarter, national vacancy rates fell to a record low 1.1 per cent, according to CoreLogic’s most recent rental review. Inspiring this decline of available rentals is the total count of national rental listings hitting their lowest level in 11 years, highlighting the severity of the national rental shortfall.

Subsequently, rents have soared 16.2 per cent in the 12 months to September, according to figures provided by SQM Research.

Eliza Owen, CoreLogic head of research Australia, explained the “limited availability of stock, a strong net overseas migration position, and a normalisation between city and regional population movements continue to place upwards pressure on capital city rent markets”.

It is an unenviable position that Australia’s tenants, both prospective and current, find themselves in, as the need for stable accommodation ideally within an easy commuting distance of work or study hubs is counteracted by the increasing costs associated with entering and maintaining a presence in the national rental market.

Ms Owen admitted those studying or working in or around their relevant city’s central business district are in an unfortunate position, whereby affordable rent options are thinner than Antarctic ice in summer.

As a result, tenants who previously resided in inner-city hubs, like Glebe in Sydney’s inner west, are flowing out into “once relatively unpopular areas”, which Ms Owen shared “may be burgeoning with rental demand from high-income professionals”.

Acknowledging the struggle, CoreLogic has crunched the numbers to reveal the most affordable suburbs within 20 kilometres of each Australian capital city’s CBD. It should be noted all data is at 30 September 2023.

Sydney’s cheapest suburbs

When it comes to units, Sydney’s five most affordable markets are:

  1. Berala, Parramatta $486 per week
  2. Wiley Park, Inner South-West $491 per week
  3. Punchbowl, Inner South-West $498 per week
  4. Lakemba, Inner South-West $501 per week
  5. Regents Park, Parramatta $509 per week

While the five cheapest housing rental markets within 20 kilometres of city’s CBD are:

  1. Auburn, Parramatta $648 per week
  2. South Granville, Parramatta $657 per week
  3. Granville, Parramatta $673 per week
  4. Regents Park, Parramatta $675 per week
  5. Sefton, Parramatta $676 per week

Ms Owen explained: “For students at Western Sydney University campuses in Parramatta and young health professionals, these markets may be ideal rental regions.”

Melbourne’s cheapest suburbs

Melbourne’s five most affordable unit markets are:

  1. Albion, West $366 per week
  2. St Albans, West $398 per week
  3. Deer Park, West $406 per week
  4. Kingsville, West $411 per week
  5. Thomastown, North-East $420 per week

Regarding houses, the city’s five cheapest markets are:

  1. Albanvale, West $441 per week
  2. Laverton, West $441 per week
  3. Broadmeadows, North-West $441 per week
  4. Kings Park, West $442 per week
  5. Ardeer, West $443 per week

Brisbane’s cheapest suburbs

Brisbane’s five cheapest unit markets close to the CBD are:

  1. Woodridge, Logan-Beaudesert $352 per week
  2. Rochedale South, Logan-Beaudesert $436 per week
  3. Strathpine, Moreton Bay–South $446 per week
  4. Brendale, Moreton Bay–South $459 per week
  5. Alexandra Hills, Brisbane East $468 per week

While its five most affordable housing markets within 20 kilometres of the CBD are:

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