Moving to Australia: rental affordability
23 November 2016 by News DeskMoving to Australia it is still possible to find affordable housing but prices continue to rise.
Moving to Australia where the average renting household in Sydney spends almost 28% of its total income to pay the average rent of $480 per week.
Most inner city areas remain expensive and regional NSW remains the least affordable regional area, according to the latest Rental Affordability Index.
Greater Melbourne is Australia’s second most affordable metropolitan area with the average renting household spending around 24% of total income on rent.
Camberwell East and Canterbury, Brighton East, and Port Melbourne and Garden City are currently the least affordable postcodes for renters in greater Melbourne, with rent costing 34 per cent of the average household income.
Campbellfield, 16km north of the CBD, is the most affordable at 17 per cent. On a state level, rent accounts for 25 per cent of the average Victorian household’s income.
In Perth rental affordability has continued to improve since the end of the mining boom but this may not continue in future due to a fall in incomes.
In Greater Perth the average household pays 23% of total income on rent.
Moving to Australia: rental affordability
Hobart continues to be the second least affordable market for renters. In Greater Hobart households would spend 50% or more of total income on rent. The average household pays around 27% of total income on rent.
Average rents fluctuated most significantly in Brisbane, from a high of $409 in March to a low of $397 in June 2016.
The average household renting in Greater Brisbane would pay around 25% of total income, while those in Greater Adelaide spend near 27% of total income on rent.
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