Rents boom in Australian city

By Hannah Blackiston
Rents boom in one Australian suburb has released its monthly rental statistics and, while most capital cities showed minimal change, one city experienced a boom in its median rent.

The average median rent across Australia rose by 1 per cent to $425 per week in November, but Hobart saw an impressive rise of 18 per cent, from $340pw in October to $400pw in November.

Tasmania’s regional rents, however, dropped by 4 per cent and the state's price per room (PPM) dropped by 3 per cent from the previous month.

Unsurprisingly, Sydney continued to be the most expensive city for renters: median rents stayed consistent at $550pw in November, while Adelaide was the cheapest at $333, 1 per cent less than October’s results.

Sydney also had the highest measured PPM at $265pw, a 2 per cent downturn from October, with Adelaide and PerthPerth, TAS Perth, WA fighting for most affordable.

Sydney continued to lean towards apartments: they made up 64 per cent of recorded dwelling types.

Both Perth and Adelaide showed the opposite: their property type make-up was 73 per cent houses.

NSW suburbs Lindfield, Allambie Heights, SeaforthSeaforth, NSW Seaforth, QLD, Tamarama and Hunters Hill were the five least affordable suburbs, with median weekly asking rents of $1,250, $1,190, $1,125, $1,075 and $1,050 respectively.

Prices moved very slightly in regional markets. NSW reported a 3 per cent increase to $380pw.

Victoria reported a 4 per cent increase, while regional Queensland saw no change in its median rental prices.

Victoria’s five least affordable suburbs were Clifton Hill ($708), Caulfield South ($680), Brighton East ($663), Black Rock ($650) and Carlton North ($625). Queensland’s were Hendra ($765), Main Beach ($700), Mitchelton ($700), Benowa ($680) and Clear Island Waters ($680).

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Rents boom in Australian city
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