Australia’s CHEAPEST cities to rent is revealed with houses in one state capital going for just $430 a week – but you won’t want to move to the #1 spot any time soon and for a VERY good reason
- Melbourne has become cheapest capital city to rent both houses and units
- Weekly median prices are lower than they were before the Covid-19 pandemic
- Weekly house rentals are at $430 while unit prices are at $375 per week
Melbourne has become the cheapest capital city in Australia to rent a home for the first time ever – and it’s all thanks to its neverending lockdowns.
Melbourne’s weekly median rent for houses now sits at $430, less than any other city and $10 less than the next cheapest Adelaide, according to a Domain report released on Thursday.
Unit rental prices are also the lowest coming in at an average of $375 per week.
As the Victorian city recently became the most locked down place in the world, Domain’s Chief of Economics and Research Dr Nicola Powell said a ‘mass exodus’ had seen many Melburnians flee interstate or into regional areas.
‘Tenants have grappled with the longest lockdown of any city in the world and that’s really weighed on people’s decisions about where they’re going to live,’ she told 7 News.
Melbourne has become the most affordable capital city to live in around Australia
Due to the city suffering six gruelling lockdowns, Melbourne saw a ‘mass exodus’ with residents fleeing interstate or into regional areas
‘It’s quite the title to have for Melbourne. What we’re seeing is rapidly rising rents in other capital cities where Melbourne house rents have really remained steady.’
WEEKLY MEDIAN HOUSE RENTS FOR EACH CAPITAL CITY
Surprisingly, rent prices for both units and houses are actually lower now than they were before the pandemic, where as rents in other capital cities have increased in the wake of the Covid-19 outbreak.
Properties closer to the inner city are even costing tenants the same as they would have a decade ago.
‘When you have a look at inner-city unit rents, they are similar to what tenants are paying back in 2009 to 2010 – they are currently at $375 a week,’ Dr Powell said.
Compared to March last year where rental prices soared, house rents are now $10 cheaper per week and units have decreased by $60, according to the Domain report.
Rents are cheapest the closer residents are to the city, with prices going up in suburbs with more space as families look to expand their homes.
Dr Powell said that over the past quarter unit rent prices have slightly gone up by $5 each week and urged tenants to get in now if they wanted a good deal.
Meanwhile, for houses and units outside of the Melbourne’s inner city such as in regional areas or the Mornington Peninsula, prices have gone up.
Dr Powell said ‘record highs’ have been seen in these areas and in the outer-eastern suburbs which she guesses could be down to tenants wanting a second home to escape to during lockdown.
Properties closer to Melbourne’s inner city are even costing tenants the same as they would have a decade ago.