Powered by MOMENTUM MEDIA
realestatebusiness logo
Subscribe to our newsletter SIGN UP

Rents rise 77pc in five years

09 April 2014 Staff Reporter

Rent payments in Western Australia have grown more than every other state and territory in Australia, according to data released by the Australian Bureau of Statistics (ABS).

ABS director of rural and regional statistics Lisa Conolly said WA reported the biggest increase in median weekly rent, rising 77 per cent, from $170 in 2006 to $300 in 2011.

“Local Government Areas in Western Australia recorded some of the biggest growth in median rent payments in Australia, with eight out of the 10 fastest growing regions located in Western Australia.

“However, Weipa, in far north Queensland, came in at the top, reflecting a change from employer-owned housing to private rental arrangements,” said Ms Conolly. 

Local Government Areas in Greater Sydney continued to have the highest median rents in Australia, with the highest in Ku-ring-gai at $575 per week and Woollahra at $550 per week. 

At $450 per week, Cottesloe had the highest median rent in Western Australia, followed by Perth, which recorded rents of $440 per week.

In Victoria, Melbourne and Bayside were highest at $400 and $390 respectively.

“Nationally, rental costs increased by more than mortgage repayments, with the median weekly household rent rising from $191 in 2006 to $285 in 2011 - an increase of 49 per cent. In contrast, mortgage repayments have increased by 39 per cent during this time," said Ms Conolly

“Rental costs have also increased by twice as much as wages, with the median weekly household income increasing from $1,027 in 2006 to $1,234 in 2011, up 20 per cent.”

Rents rise 77pc in five years
lawyersweekly logo
FROM THE WEB
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast

Network or independent?

Independent
Network, the bigger the better
Network, but midsized
Niche group, small and agile
Do you have an industry update?
REAL ESTATE BUSINESS NEWSLETTER
Ensure you never miss an issue of the Real Estate Business Bulletin. Enter your email to receive the latest real estate advice and tools to help you sell.