Property market update: Melbourne, April 2022
Melbourne’s growth plateaued over April and posted its first quarterly since the start of the pandemic boom, further d...
The cost of housing versus the distance you have to spend commuting to your workplace is an equation most Australians will have grappled with at some point in their lives.
That’s why, each quarter, RentRabbit.com.au releases its tenant opportunity report to identify the top 20 suburbs where tenants can find affordable rents within commuting distance of the state’s capital.
This time around, all of the most affordable markets were for unit rentals, rather than houses, with Victoria reporting the highest number of localities, at seven. The remaining neighbourhoods were spread between Western Australia (six), South Australia (five), NSW (one), and Queensland (one).
The report aims to identify average Australian suburbs that are not contending with major socioeconomic issues; therefore it excluded from the rankings any area the Australian Bureau of Statistics has given a Socio-Economic Indexes for Areas (SIEFA) score of less than four.
All of the suburbs had a median weekly rent of $340 or below and had to be located within 35 kilometres of the central business district.
The following are Australia’s most affordable, commutable suburbs, including their statistical area’s distance from the capital and average weekly unit rental price:
RentRabbit.com.au co-founder Ben Pretty acknowledged that the odds were stacked against renters in the current market, but said he hoped this list would provide some assistance and encouragement for current home hunters.
“Australia’s vacancy rate has fallen considerably over the past two years, which has made it harder for tenants to find accommodation and has led to sharp rental increases.
“It’s definitely a landlord’s market in many parts of the country, and I’ve been hearing some really harrowing stories of tenants doing it hard, especially families on lower incomes.
“Although conditions are tough right now, it’s still possible to find somewhere to live that’s affordable, desirable and commutable,” Mr Pretty said.
Affordability refers to a product or service that is inexpensive and accessible for people with limited means.