You know the formula: the closer to the CBD you live, the more expensive rent is likely to be.
But if you know where to look, you can find a home to rent for bargain prices, and still be a stone’s throw away from vibrant city centres.According to exclusive data from realestate.com.au provided to Yahoo Finance, Perth’s Westminster takes the cake as the cheapest suburb in Australia to rent 10km away from a capital city CBD at just $300 a week.
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Rent in South Australia is also very low, and you’ll be able to nab an apartment or house near the heart of Adelaide anywhere between $330 to $360 a week.
In other states, rent climbs steadily, and reaches its peak in NSW, where the the cheapest area to rent 10km from the CBD is Sydney’s Canterbury at $595 a week, nearly double that of Westminster.
It’s a far cry from what you’d pay for rent near Melbourne, Australia’s second-largest city, which can be as low as $410 if you’re looking in Bellfield, or $448 if you’re looking to rent in Maidstone.
This is how much it costs to rent 10km from the CBD in every state:
Looking behind the numbers
Commenting on the data, realestate.com.au chief economist Nerida Conisbee told Yahoo Finance that renting in Adelaide and Hobart had become much more expensive, while rent near Sydney – though the highest of all the states – had actually fallen from peak levels.
“Over the last two years, rental growth in Adelaide has been strong, in excess of 8 per cent. Rents in Adelaide are now stronger than Perth – a situation that would have been unheard of during the mining boom,” Conisbee said.
“Hobart is clearly seeing an outperformance in activity by renters, however Adelaide is following closely behind.”
Hobart has historically been a low-cost city – but that’s changing now, the chief economist said. “The fact that the cheapest suburbs, Risdon Vale, contains a prison and is still more expensive than the cheapest options in Perth and Adelaide shows how expensive this city has become.”
Meanwhile, rental demand in Sydney remains low and is a “continued drag on rental levels,” she added.
“Like prices, conditions are toughest in Western Sydney with wealthier suburbs of Sydney seeing far better rental demand conditions.”
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