MELBOURNE’S rental market is more affordable than most other capitals according to the latest Australian Property Monitors report.
Melbourne is the third most affordable city for house rentals with a current median weekly asking rental of $360. Only Hobart and Adelaide are more affordable with rentals of $340 and $320 respectively.
The most expensive capitals for house rentals are Darwin, Sydney and Canberra with current median weekly asking rentals of $500, $485 and $470 respectively.
Although Melbourne’s current median house price of $574,850 is only 10 per cent less than Sydney’s $637,258, the difference in house rentals between the two cities is 33 per cent.
Melbourne’s unit rental market is also equally affordable compared with most other capital cities.
Again only Hobart and Adelaide with median weekly asking rentals of $275 and $250 respectively are less expensive than Melbourne’s rental of $350.
Sydney and Darwin lead the pack with median unit rents of $450 a week followed by Canberra with $430.
Melbourne’s rental affordability advantage is set to continue with significant numbers of inner-city apartments currently being built offering the prospect of a wider choice of accommodation to prospective tenants.
That’s one of the many reasons I would steer clear of the inner city (CBD) and off the plan property market. No scarcity means lower prices and rentals in this type of property.
Source: The Age
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