Melbourne Is Now The Cheapest Place To Rent In All Of Australia

Time To Move Out


Article heading image for Melbourne Is Now The Cheapest Place To Rent In All Of Australia

Pexel

Everyone loves a bargain, that’s why hearing that Melbourne is now one of the most affordable places to rent in all of Australia is such a treat.

According to the Domain Rent Report released Thursday July 8, data from June 2021 portrays Melbourne and Adelaide as having the cheapest house renting prices.

Renting Affordability In Melbourne:

Looking at the Department of Health and Human Services Victoria (DHHS) rental report from last year, house rents in the Mornington Peninsula and in Melbourne’s inner south have been growing fast.

DHHS “Rent Indices at a glance” 2020 Report:

 

Median Rent
(per week)

Quarterly Change*

Annual
Change*

Metropolitan Melbourne

$400

-5.2%

-4.0%

Regional Victoria

$330

-0.6%

2.8%

Victoria

$399

-4.6%

-3.2%

* Percentage change figures are calculated from relevant Rent Index

With a trend in people moving regional to escape Covid confinements over the past year, rent in regional areas has increased by more than 5 percent.

Over the past five years, the standard house renting prices have increased by 13 percent and unit prices 14 percent.                                                                 

However, the Domain Rent Report showed unit rent dropping by a rapid 12 percent over the past year.

Most tenants are now paying $365 a week, which was the same amount people were paying according to the Domain Rent Report in 2015!    

With the arrival of internationals still being very limited, landlords are reportedly dropping rents prices as they fear they will either lose their tenants or not be able to attract new ones.

Join journalist Natarsha Belling for the key headlines and analysis on the most important stories of the day on Your Morning Agenda. Available on Listnr.

8 July 2021




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