Yahoo Finance Rent crisis: Most and least-affordable Aussie suburbs
The least-affordable suburb to rent in Australia may surprise you.
It’s no surprise that rent prices have skyrocketed over the past year and, with the problem expected to get worse, many Aussies will be on the lookout for cheaper accommodation.
Surprisingly, the inner suburbs in Melbourne were the most affordable place to live in Australia, according to a recent study by Renovation Capital.
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And, despite striving to provide reasonable rents, Richmond - Tweed was found to be the least-affordable place to rent in Australia.
The conclusion was drawn based on multiple factors: the renting population, median weekly income, rental value change since March 2020, median weekly rental value, and rent-to-income ratio.
The 10 Most Affordable Places to Rent in Australia in 2023
Area Name | Rank | Capital city and region | Renter Population | Median Weekly Income (AUD) | Rental Value Change sinceMarch 2020 (%) | Median Weekly Rental Value (AUD) | Rent to Income Ratio | Final Score |
Melbourne - Inner | 1 | Melbourne | 148,477 | $3,256 | 15.9 | $685 | 21.04 | 85 |
Melbourne - West | 2 | Melbourne | 83,503 | $2,374 | 11 | $439 | 18.49 | 81.6 |
Australian Capital Territory | 3 | Australian Capital Territory | 52,579 | $3,201 | 14.2 | $651 | 20.34 | 80.7 |
Melbourne - Inner South | 4 | Melbourne | 46,866 | $3,304 | 13.9 | $702 | 21.25 | 79.6 |
Melbourne - North East | 5 | Melbourne | 48,997 | $2,506 | 12.5 | $477 | 19.03 | 78.8 |
Melbourne - Inner East | 6 | Melbourne | 39,521 | $3,124 | 14.3 | $652 | 20.87 | 78.4 |
Queensland - Outback | 7 | Regional Qld | 13,034 | $2,163 | 13.2 | $362 | 16.74 | 77.4 |
Melbourne - North West | 8 | Melbourne | 35,255 | $2,329 | 12.1 | $466 | 20.01 | 75.2 |
Melbourne - Outer East | 9 | Melbourne | 37,021 | $2,550 | 14.9 | $529 | 20.75 | 74.3 |
Western Australia - Wheat Belt | 10 | Regional WA | 11,910 | $2,049 | 12.3 | $378 | 18.45 | 74.2 |
Melbourne Inner
Melbourne Inner topped the list as the most-affordable place to rent in Australia in 2023, boasting a median weekly rent of $685.
Despite being located in a major city, the rent here is relatively affordable. Residents also enjoy various amenities such as restaurants, bars, and convenient public-transport options.
The 10 Least Affordable Places to Rent in Australia in 2023
Area Name | Rank | Capital city and region | Renter Population | Median Weekly Income (AUD) | Rental Value Change since March 2020 (%) | Median Weekly Rental Value (AUD) | Rent to Income Ratio | Final Score |
Richmond - Tweed | 88 | Regional NSW | 26,260 | $2,036 | 30.7 | $711 | 34.92 | 40 |
Gold Coast | 87 | Regional Qld | 79,413 | $2,315 | 41.5 | $791 | 34.17 | 40.5 |
Sunshine Coast | 86 | Regional Qld | 40,642 | $2,217 | 36 | $711 | 32.08 | 43.7 |
Coffs Harbour - Grafton | 85 | Regional NSW | 15,399 | $1,888 | 30.4 | $561 | 29.71 | 47 |
Mandurah | 84 | Perth | 10,345 | $2,043 | 44.9 | $504 | 24.67 | 48.4 |
Mid North Coast | 83 | Regional NSW | 22,904 | $1,796 | 27.9 | $508 | 28.28 | 50.4 |
Sydney - Eastern Suburbs | 82 | Sydney | 47,025 | $3,823 | 30.8 | $1,289 | 33.71 | 50.9 |
Bunbury | 81 | Regional WA | 17,243 | $2,124 | 41.3 | $525 | 24.71 | 51 |
Western Australia - Outback (North) | 80 | Regional WA | 17,765 | $2,899 | 44.6 | $765 | 26.39 | 51.2 |
Moreton Bay - North | 79 | Brisbane | 31,436 | $1,979 | 34.2 | $519 | 26.22 | 52.1 |
Richmond, Tweed
Richmond - Tweed was the least affordable place to rent in Australia in 2023. Its average weekly rent was $711. Even though it is located in a regional part of New South Wales, its appealing facilities and scenic landscapes make it a popular choice among tenants.
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