Sydney continues to hold the title of Australia’s most expensive rental city, even as the national market cools. According to CoreLogic’s latest quarterly rental review, the average weekly rent for houses in the New South Wales capital reaches $811, while units command approximately $710. The priciest suburb for renting a house is Vaucluse, demanding an eye-watering $2,199 per week, contrasted with the more affordable Tregear at $536 per week.
Nationally, rents saw a modest rise of 0.4 per cent last December, marking the smallest fourth-quarter change since 2018. Meanwhile, Perth has emerged as the second priciest city, with a median rent of $695 per week. In contrast, Melbourne experienced the most significant decline in rental prices, down 0.5 per cent, with median house rents at $633 and $556 for apartments.
Despite the cooling market, affordability remains a challenge, with median rents having surged by 36.1 per cent since the pandemic began, equating to a rise of $171 per week. Renters are now spending approximately 33 per cent of their pre-tax income on rent, the highest proportion recorded since CoreLogic began tracking this metric in 2006. This financial strain has led many to reconsider their living arrangements or delay moving out of their family homes.