Rental costs in Melbourne17 January 2016 by News Desk
The cost of renting a home in Melbourne Australia has risen by 5.3% over the past year.
The average weekly rent for a house in Melbourne is now $400, while renting a house in the inner city can cost up to $600 per week. The average cost of renting a unit in Melbourne is currently around $370 per week.
A house in the city’s inner east will cost $548 a week to rent, an increase of 6.2% over the past 12 months, according to real estate company Domain. Houses in the eastern suburbs of Melbourne are popular with families due to the high standard of private and state schools.
Current low and falling house vacancy rates suggest that average house rents in Melbourne will continue to increase in 2016, according to the Domain report.
Rents may be rising in Melbourne but in Perth, Brisbane, Adelaide and Darwin, the cost of renting a home is falling.