Affordable rents in Australia24 November 2015 by News Desk
A new Affordability Index highlights the most, and least, affordable places to rent in major cities across Australia.
Mount Druitt and Silverdale are the most affordable suburbs to rent a home in greater Sydney, according to a new report.
The two suburbs are the most affordable places to rent that are closest to Sydney’s central business district with a commute distance of more than 50km. Further afield, the most affordable place to rent in the greater Sydney area is Black Springs, almost 200km from the centre of the city.
The Affordability Index is a joint project between housing group National Shelter, Community Sector Banking and SGS Economics & Planning.
Households in New South Wales with average weekly earnings of $1474 have to spend 28% of their income to rent in Sydney, the report says. Renting closer to the inner city will take over 60% of weekly income.
Melbourne is the most affordable capital city in Australia for average income households looking to rent, according the report that says the average household would have to spend 24% of their income to rent. The suburbs of Caldermeade and Melton West are ranked the most affordable.
In Queensland and Tasmania, it takes 54% of average household income to rent, in South Australia 59% and Western Australia 57%. The North West, Broome, parts of the South West and most of Perth was unaffordable.
The most affordable places to rent in greater Hobart are currently Collinsvale, Derwent Park and Clarendon Vale, with the least affordable areas listed as Clifton Beach, Taroona and Old Beach
A low income family on $500 a week faces spending 65% of their income on rent in NSW, the least affordable state.