Melbourne Could Be The Cheapest City To Rent A House In Australia. This is the reason
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Rent prices are now at record highs in any state capital in Australia except Melbourne, Perth and Darwin.
But for the first time, Melbourne ranks second as the most affordable city to rent a house, on par with Perth, but still more expensive than Adelaide.
It is estimated that this year Melbourne could become the most affordable city if the current rental price trend continues.
This was revealed in a quarterly report from Domain, one of the managers of buying and selling and renting properties.
This March quarter report shows Australians are still making adjustments in their rental arrangements with COVID restrictions.
It was stated that there was a significant shift in preferences for renting a house over units in suburban areas outside the city and in certain cities compared to other cities. This is expected to continue throughout 2021.
Here’s the full Domains report for each city:
For the first time in five years, it is now more expensive to rent houses and units in Brisbane than in Melbourne.
Rents there have experienced the highest increase since 2008. Today, the average rental price is A$440 (Rp4.9 million) per week, up A$30 (Rp336 thousand) compared to last year.
Rental prices for this unit in the Queensland capital reach $400 (Rp 4.4 million) per week, $15 (Rp 168 thousand) more expensive than last year.
“Tenants will find fewer options over the coming months. Exists have now shrunk by a third compared to last year,” said Dr Nicola Powell from Domain.
“House and unit rents remained stable or increased in all areas of Greater Brisbane during the March quarter, with the exception of Ipswich which was down $5 a week,” he explained.
“Each year, the largest spikes in rental demand were recorded for homes north of Brisbane and Moreton Bay North, up 6.8 per cent and 6.7 per cent per year,” added Dr Nicola.
He said Queensland had always been a destination for people moving between states, but the pandemic may have accelerated people’s decision to move there.
“More Australians are moving to sunny states. The number of residents from other states moving to Queensland is at its highest level since 2006,” said Dr Nicola.
Canberra, paradise for renters
Canberra remains the most expensive capital city to rent a house or unit in the country, with prices averaging A$600 (Rp 6.7 million) and A$ 500 (Rp 5.6 million) per week.
That’s A$50 (Rp561,000) more for a house and A$30 (Rp336k) for a unit than Sydney’s.
Those who rent out their properties or commonly called ‘landlords’ are aware of this.