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Australia’s most expensive capital cities to rent a home revealed

Published: (Updated: ) in Australian News by .

Housing rental prices have reached record highs in multiple Australian capital cities, with Canberra tenants facing the highest costs in the country.

Housing rental prices have reached record highs in multiple Australian capital cities, with Canberra tenants facing the highest costs in the country.

According to the Domain Rent Report released today, Canberra tenants coughed up a mega $600 in weekly rent for houses in the latest quarter and $500 for units.

Housing rentals in Sydney remained at a high of $550 per week, $20 more than the asking price in March last year.

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The weekly rent for units remained at $470, which is $60 less than this time last year.

Sydney units recorded the steepest annual fall since Domain records began in 2004.

Overall, the harbour city was tied in second place for highest rental prices with Darwin, followed by Hobart in third at $480.

Brisbane overtook Melbourne by $10, the asking rental housing price hitting $440.

It means for the first time on record, Melbourne is the second most affordable capital city in the country, tied with Perth at $430.

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Melbourne's rental market saw significant rental price falls for houses and units over the last year and quarter, which could be due to the effects of its lengthy COVID-19 lockdowns.

Adelaide was crowned the most affordable with housing rental prices at just $425.

Outer-city regions across the country also saw median rental asking prices rise as demand ramped up.

Areas such as Sydney's Northern Beaches, Sutherland, outer south-west, outer west and the Blue Mountains grew in rental asking prices.

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Prices similarly rose in Melbourne's outer-east, south-east and Mornington Peninsula.

Demand also increased for the Gold Coast and Sunshine Coast in Queensland.

Source: 9News https://www.9news.com.au/national/australia-rental-market-canberra-sydney-darwin-most-expensive-to-rent-a-home/53f2d140-e405-4600-b6cd-9e50f7de01de

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