Rental costs in Melbourne
02 May 2015 by News Desk
The cost of renting a house or flat in Melbourne has risen to an all-time high – but renting in the city is still more affordable than Sydney.
The average cost of renting a house in the city increased by 2.5 per cent in the first three months of 2015 to $390 a week while the average cost of renting a flat has risen by 1.4 per cent to $365 a week.
Rising population growth and increased demand has led to a rise in house rent for the first time in 18 months, according to latest figures. Construction of new housing is not keeping up with growing demand. Just 1.9 per cent of available houses are currently vacant while 2.8 per cent of available flats are empty and available for rent. Rents in Melbourne may have risen to a record high, but the city remains affordable compared with Sydney where the average house and flat rents are $520 and $500 respectively.
Darrell Todd, CEO of thinkingaustralia, says: “Demand for houses and flats to rent remains high but a growth in new construction will bring many more properties onto the market in coming years, which will slow down the rise in rental prices. This is good news for migrants planning to live and work in Australia over the next few years”.
