Home Insights The suburbs where renting just got a lot more expensive

The suburbs where renting just got a lot more expensive

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Rental conditions across Australia are still very tight, with low inventory and rising demand, with weekly rents rising.

Nationwide, rents rose 4.3% over the past three months, with the capital’s total up 3.2%.

Rental property

The housing shortage is putting upward pressure on rental prices.


Rents have risen most in areas with low inventory levels but high demand, such as the capital and high demand areas such as Surfers Paradise and Byron Bay.

The suburb with the biggest quarter-on-quarter weekly rent growth was Echuca, in Shepperton, Victoria, with a 28.6% increase.

Suburbs with the strongest weekly rent growth for homes in the past quarter

Suburbs with 30 or more rental units. Source: PropTrack
Rank Suburbs state Weekly average rent QoQ% change in median rent Year-over-year change in average rent
1 Echuca Big $540 28.6% 31.7%
2 surfers’ Paradise queensland $1,325 26.2% 39.5%
3 Moama New South Wales $575 21.1% 27.8%
Four londonderry New South Wales $600 18.8% 18.8%
Five Dundas Valley New South Wales $650 18.2% 20.4%
6 Graceville queensland $750 17.2% 25.0%
7 Clear Island Waters queensland $1,400 16.7% 40.0%
8 Evanston Park SA $425 16.4% 21.4%
9 Byron Bay New South Wales $1,100 15.8% 17.3%
Ten Wandana queensland $550 14.6% 27.9%

Echuca has recently seen an increase in the number of new rental properties available, but with only 23 new properties available in September, there are still not many properties to choose from.

Weekly rents in Queensland’s Surfers Paradise increased by 26.2% in the quarter. Based on the median price of $1325, renters could pay an extra $275 per week.

Suburbs of Sydney, Brisbane and Adelaide all ranked in the top 10 for housing, with Byron Bay rising 15.8% to rank ninth. This is about $150 extra per week on rent.

premier

Weekly rents for Surfers Paradise homes increased 26.2% in the previous quarter.Photo: Getty


Unit rents were unchanged across the country last quarter, but the impact of increased immigration to Australia is boosting rental demand, putting pressure on prices in the capital.

This was particularly noticeable in Sydney and Melbourne, with increases of 4% and 5% respectively.

Weekly rents in Peregian Beach, Queensland increased 18.2% from the previous quarter, representing an increase of around $100 per week.

Suburban Areas with the Highest Weekly Unit Rent Growth Over the Past Quarter

Suburbs with 30 or more rental units. Source: PropTrack
Rank Suburbs state Weekly average rent QoQ% change in median rent Year-over-year change in average rent
1 Peregian Beach queensland $650 18.2% 41.3%
2 Sylvania New South Wales $635 16.0% 27.6%
3 Aberfeldy Big $430 14.7% 7.5%
Four Mullally queensland $550 13.4% 22.2%
Five shoal water Wa $300 13.2% 20.0%
6 west melbourne Big $450 12.5% 18.4%
7 main beach queensland $650 12.1% 18.2%
8 Khyber New South Wales $560 12.0% 21.7%
9 Collinswood SA $353 11.9% 10.2%
Ten Helensvale queensland $543 11.9% 17.9%

40% of the top 10 suburbs are in Queensland, with Mullally, Main Beach and Helensvale all posting double-digit quarterly rent growth.

Sylvania renters in Sydney, number two on the list, could be paying $88 more a week compared to the previous quarter, while Aberfeldy, Melbourne saw a 14.7% increase in unit rents.

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