Where Affordable Rental Markets Are Rents may have skyrocketed throughout much of Australia but new analysis of CoreLogic data shows there are still some affordable places to rent.
Median asking rents across Australia’s combined capital cities rose 10% to $616 per week in the past 12 months, but CoreLogic says there are still some rentals for as low as $352 per week within 20km of CBDs.
CoreLogic head of research Eliza Owen says there are 29 house markets where asking rents are still below $500 per week on average and in the unit market there are six suburbs where asking rents are less than $400 per week.
“The analysis also highlights the up-and-coming areas from an investment perspective as the strength in their rental market and relative affordability can have the spillover effects of changing the demographics, which fuels gentrification and buyer demand into these areas,” Owen says.
In Melbourne Albanvale (30km from CBD), Laverton (24km) and Broadmeadows (24km) all had rents of $441 a week on average.
In Brisbane, Woodridge (25km from CBD) had the lowest median weekly rents for both houses and units at $501 and $352 a week respectively.
In Sydney, Granville and Auburn (both 22km from CBD) were $648 and $678 respectively.
In Adelaide, Salisbury and Salisbury Downs (about 20km from CBD) were the cheapest at $473 and $478 per week while in Perth, Girrawheen and Gosnells (both about 20km from the CBD) were the cheapest at $491 and $501 per week respectively.
