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Rents boom in one Australian city

14 December 2016 Hannah Blackiston

Rent.com.au has released its monthly rental statistics and while most capital cities showed minimal change, one city recorded a boom in median rent.

Rents boom in one Australian city

Rent.com.au has released its monthly rental statistics and while most capital cities showed minimal change, one city recorded a boom in median rent.

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

Tasmania’s regional rents dropped 4 per cent and its price per room (PPM) fell 3 per cent from the previous month.

Sydney continued to be the most expensive city for renters. Median rents stayed consistent at $550 in November, while Adelaide was the cheapest at $333, 1 per cent less than October.

Sydney also had the highest measured PPM at $265 per week, a 2 per cent drop from October, with Adelaide and Perth closely fighting for most affordable.

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

Both Perth and Adelaide trended in the opposite direction. Their property type make-up was 73 per cent houses.

New South Wales suburbs Lindfield (median weekly asking rent $1,250), Allambie Heights ($1,190), Seaforth ($1,125), Tamarama ($1,075) and Hunters Hill ($1,050) were the top five most unaffordable suburbs.

Prices moved only slightly in regional markets, with NSW reported a 3 per cent increase to $380.

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

Victoria’s top five most unaffordable 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).

Rents boom in one Australian city
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