Home Insights Top suburbs to snap up a rental bargain where prices are down

Top suburbs to snap up a rental bargain where prices are down

by admin
0 comment

Weekly rent continues to skyrocket, but there are still some places where prices are actually dropping.

Across the Australian capital and region, average weekly rent growth is rising at the fastest quarterly rate on record.

Nationwide, quarterly average weekly rents rose 4.3%, a historic high.

Despite the tight rent, there are still some suburbs where the median weekly rent is falling.Photo: Getty

Weekly rents in the combined capital increased by 3.2%, while rural Australian prices were flat quarter-on-quarter.

Source: PropTrack
Weekly average rent QoQ change Year-on-year rate of change
Whole country $480 4.3% 10.3%
capital $485 3.2% 7.8%
region $450 0.0% 12.5%

Rent increases are driven by very low market inventory and record demand for accommodation. As a result, landlords see an opportunity to increase rents.

However, median weekly rents have fallen in the last three months, and there are still plenty of suburbs where renters can pick up bargains.

where rent is lowest

Source: PropTrack
Suburbs state average weekly rent Quarterly %
Change in median rent
Tamarama New South Wales $2,300 -32.4%
caulfield east Big $580 -27.5%
Billingle Wa $650 -26.1%
Fortitude Valley queensland $550 -25.2%
Yarralumla action $960 -20.0%
Potts Point New South Wales $840 -18.8%
Campwynn Beach queensland $385 -18.1%
Brunswick Heads New South Wales $850 -17.1%
Pomona queensland $540 -16.9%
Lane Cove West New South Wales $920 -16.4%

In Sydney’s eastern suburb of Tamarama, median rent is 32% lower than in June, potentially saving you $450 per week.

In the inner south of Melbourne, home rents in Caulfield are 27% lower than they were three months ago, potentially saving tenants around $120 per week.

Billingool, in the Western Australian outback near Broome, is the top suburb in the region and has the lowest median weekly rent.

Median weekly rents fell in some suburbs last quarter. Photo: realestate.com.au/rent

For Tasmanians looking for apartments, Wynyard’s weekly rent fell 21% during the quarter, topping the unit list nationally, followed closely by Breitling in the Northern Territory, which fell 20%.

The place where the rent unit price is the lowest

Source: PropTrack
Suburbs state Average weekly rent unit price Quarterly %
Change in median rent
Wynyard TAS $245 -21.0%
breitling NT $400 -20.0%
big day queensland $244 -18.7%
Walira New South Wales $350 -16.7%
Oak Flats New South Wales $440 -15.4%
North curl curl New South Wales $400 -14.9%
Clinton queensland $240 -14.3%
Wanberal New South Wales $520 -13.3%
Orbin Grove Wa $385 -12.5%
gully in spring Big $290 -12.1%

Opportunities for cheaper units are primarily in rural areas, but there are some metropolitan suburbs in the top 10 list.

In the Greater Sydney area, North Curl Curl on the Northern Beaches and Wamberal on the Central Coast show double-digit weekly rent declines of 14.9% and 13.3% respectively.

Average weekly rents have fallen 12.5% ​​since June in Ovinggrove, southwest of Perth.

You may also like