Are you wondering which Australian city has the highest rent? As of 2024, Sydney still holds the top spot, outpacing other major cities like Melbourne and Brisbane. This article dives into the rental landscape across the country, offering a clear picture of where rents are rising the most and why.
We’ll dive into the latest statistics on median rents and how they’ve climbed over the year. Plus, we’ll offer a peek into the rental trends in other key cities, providing a comprehensive picture of what it means to rent in Australia today.
Sydney Takes the Lead as the Most Expensive Rental City
Sydney continues to be the most expensive city for renters in Australia. According to the latest data from CoreLogic, the median rent in Sydney is now $770 per week, marking a 9.0% increase from the previous year.
Whether you’re renting a house or a unit, Sydney’s high demand and low supply keep pushing prices up.
For houses, the average rent is even higher, sitting at $1,022 per week, while renting a unit costs about $679 weekly. These numbers reflect not just the growing demand for rental properties, but also the limited availability of new homes in this bustling city.
What’s behind these high prices? Sydney remains an attractive destination due to its lifestyle, job opportunities, and proximity to beaches and business hubs. This constant demand, coupled with the city’s ongoing housing shortages, continues to fuel its high rent costs.
But what’s driving Sydney’s rental prices sky-high? It’s a mix of high demand and limited supply. Sydney isn’t just a city; it’s a lifestyle destination with its stunning beaches, bustling CBD, and vibrant cultural scene. This allure keeps the demand for rentals consistently strong.
But Sydney isn’t the only city seeing rent hikes. The table below shows the latest median weekly rent across major cities in Australia, based on CoreLogic’s April 2024 report:
| City | Median Weekly Rent | Monthly Change | Annual Change |
|---|---|---|---|
| Sydney | $770 | 1.0% | 9.0% |
| Melbourne | $589 | 0.8% | 9.6% |
| Brisbane | $649 | 0.8% | 8.5% |
| Adelaide | $589 | 0.6% | 9.1% |
| Perth | $669 | 1.2% | 13.6% |
| Hobart | $547 | 0.2% | -0.2% |
| Darwin | $617 | -0.3% | 3.5% |
| Canberra | $674 | 0.6% | 1.8% |
| National | $627 | 0.8% | 8.5% |
As seen, Sydney remains the most expensive city, followed by Canberra and Brisbane. Interestingly, Perth has experienced the largest annual growth in rents, up by 13.6%.
Rental Trends in Other Australian Capitals
While Melbourne has seen some rent increases, it remains a more affordable option. The median rent in Melbourne has risen to $589 per week, reflecting a 9.6% annual growth.
However, this is still significantly lower than Sydney’s rental prices.
Brisbane follows closely, with a median rent of $649 per week and an 8.5% growth rate over the past year. Canberra, once one of the most expensive capitals, now has a slower growth rate of 1.8%, with rents averaging $674 weekly.
Across Australia’s capital cities, rental values have surged, with a national median of $627 per week. Even in regional areas, rents are on the rise, particularly in Queensland and Tasmania, signaling growing pressure on renters across the board.
Smart Renting: Strategies for Navigating Australia’s Rental Market
Navigating Australia’s rental market, especially in high-demand cities like Sydney, requires savvy planning. Here are some practical tips:
- Budget Wisely: Consider your budget carefully. Sydney might be the dream, but ensure it aligns with your financial capabilities. For those weighing their options, understanding whether is it cheaper to buy or rent a house in Australia can provide valuable insights.
- Explore Different Areas: Look beyond the city centre. Suburbs or neighbouring regions might offer more affordable options. For a deeper understanding of where different demographics settle, explore where do middle class live in Sydney.
- Stay Informed: Keep up-to-date with the latest rental trends and statistics from reliable sources like CoreLogic and SQM Research.
- Act Quickly: In high-demand areas, be prepared to make quick decisions as properties don’t stay on the market for long.
- Negotiate Terms: Don’t hesitate to negotiate lease terms or rent, especially in areas with higher vacancy rates.
Adapting to Australia’s Changing Rental Market
As we’ve seen, Sydney leads as Australia’s most expensive city to rent, with other capitals like Melbourne and Canberra following suit.
The rental market across Australia, including regional areas, is dynamic and ever-evolving. Understanding these trends is key for anyone looking to rent in Australia, whether it’s in the bustling heart of Sydney or the quieter regional towns.
With careful planning and informed decision-making, navigating this landscape can lead to finding a place that not only fits your budget but also suits your lifestyle preferences. As the market continues to change, staying informed and adaptable will be crucial for prospective renters across Australia.
Expand Your Options: While you’re gathering insights here, take a moment to also explore our detailed review on Where is best to rent in Sydney? for more valuable rental tips.
FAQs on ‘Which Australian City Has the Highest Rent?’
What City in Australia Has the Highest Cost of Living?
Sydney is the most expensive city in Australia. Living expenses in Sydney are around 25% higher than in Darwin or Melbourne, and even more compared to cities like Adelaide or Hobart. The cost of living in Adelaide and Hobart is quite similar.
What Is the Cheapest City in Australia to Live In?
Some of the cheapest cities to live in Australia in 2024 include Adelaide, Perth, Canberra, Hobart, Brisbane, and the Gold Coast. These cities offer lower living expenses compared to major cities like Sydney and Melbourne.
Which City Has the Highest Income in Australia?
The cities with the highest incomes in Australia include Sydney, Melbourne, Perth, Brisbane, Canberra, Adelaide, Hobart, and Darwin. Sydney and Melbourne are at the top of the list for high-income earners.
Is Perth Cheap or Expensive?
Perth is considered moderately expensive. The cost of living for a single person in Perth is approximately 3,620 AUD per month or 43,440 AUD annually. For a family of four, living expenses average around 8,106 AUD monthly or 97,272 AUD annually. Students living in Perth can expect to spend around 2,000 AUD per month or 24,000 AUD annually.
Is Melbourne Cheaper Than Sydney?
Yes, Melbourne is generally cheaper than Sydney. Over the past 40 years, the average price difference between the two cities has been about 1.36 times, with Sydney being the more expensive option.
