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Aussie capital city where you can rent a big house for $450

·2-min read

Melbourne has been named as the cheapest Australian capital city for Aussies wanting to rent a decently sized house.

Renting a four-bedroom house costs just an average of just $450 in the Victorian capital and Australia’s second-largest city, new Domain data has revealed.

Brisbane and Perth are tied at equal second place, with the asking rent in these cities just $460, followed by Adelaide at $490.

But on the other side of the spectrum, Canberrans fork out $700 to rent a four-bedroom house.

This is $70 more than Sydney, where it costs an average $630 to rent a similar property.

According to Ray White property management CEO Emily Sims, Melbourne’s multiple lockdowns have hit the local property market hard. This has been compounded by the fact that city dwellers are increasingly migrating to regional areas amid the rise of remote work.

Many people moved out of Melbourne due to the uncertainty of living there, she told Domain.

“[Steady house asking rents] would be because the demand has left. Certainly, the number of people wanting to live there has decreased.”

This has also led to a decline in demand for one-bedroom apartments as people seek to live with others, with the median asking price of a one-bedroom apartment in Melbourne dropping by 11 per cent to $325 in 2020 and 10.4 per cent in Sydney to $430.

“The smaller the apartment, the bigger reduction in rent in Sydney and Melbourne,” said Domain senior research analyst Nicola Powell.

Property data has consistently shown that the current property boom is in free-standing houses only, while unit markets – which are typically driven by demand from students and new migrants – have suffered.

Recent realestate.com.au data revealed that the six of the top 10 Australian suburbs with the biggest price declines were units.

Meanwhile, Darwin’s rental market has performed strongly, with excellent containment of COVID-19 in the Northern Territory driving up the capital city’s popularity.

“Darwin is one of those that have benefitted from changing border restrictions. I think that’s helped drive increased demand for Darwin rentals,” said Powell.

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