Yahoo Finance Suburbs where rents have risen up to $3,000 per week
They may be sought-after suburbs, but Aussie renters are paying an arm and a leg to live there.
Strong demand in the rental market, with limited supply, has created tough competition for renters, especially in some of the most sought-after suburbs.
In fact, rents have climbed as much as $600 per week over the past year in some areas.
For example, house rents in Sydney’s affluent suburb of Rose Bay have increased by $625 per week to around $2,000. Likewise, in the neighbouring suburb of Vaucluse, rents have risen around $500 per week to $3,000.
Also read: ‘Cheap’ Aussie rentals dry up: Here’s what $400 a week will get you
Also read: Rent crisis: The suburbs where rents skyrocketed almost 50%
Rents were also lifting for units, particularly in inner-city areas. Prices in Haymarket, NSW, have risen $210 per week to around $900. In Darling Point, NSW, unit rents have increased $200 per week to around $1,050.
Top 10 suburbs that have seen the biggest rental increases
The tables below show the top 10 suburbs nationally that saw the largest dollar increase in median weekly rents, year-on-year, in April 2023 for both houses and units.
Houses
Suburb | Area | Current median weekly rent | $ change in median rental price |
Rose Bay | Greater Sydney | $2,000 | $625 |
Vaucluse | Greater Sydney | $3,000 | $500 |
Clear Island Waters | Rest of Qld | $1,400 | $400 |
Paradise Point | Rest of Qld | $1,250 | $400 |
Surfers Paradise | Rest of Qld | $1,400 | $360 |
Sunshine Beach | Rest of Qld | $1,200 | $330 |
Pagewood | Greater Sydney | $1,190 | $310 |
Miami | Rest of Qld | $1,100 | $300 |
North Bondi | Greater Sydney | $1,800 | $300 |
Queens Park | Greater Sydney | $1,650 | $300 |
Units
Suburb | GCCSA | Current median weekly rent | $ change in median rental price |
Haymarket | Greater Sydney | $900 | $210 |
Main Beach | Rest of Qld | $750 | $200 |
Darling Point | Greater Sydney | $1,050 | $200 |
Zetland | Greater Sydney | $820 | $170 |
Caringbah South | Greater Sydney | $965 | $170 |
Millers Point | Greater Sydney | $850 | $160 |
Rosebery | Greater Sydney | $750 | $155 |
Chippendale | Greater Sydney | $700 | $150 |
Melbourne | Greater Melbourne | $550 | $150 |
Sydney | Greater Sydney | $800 | $150 |
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