Australia’s rent prices are rising with Aussies feeling the burn from the growing cost of living, but there are still some suburbs where you can bag a bargain.
New research commissioned by HOOD.ai found Australia’s top 10 rental markets in Australia for tenants on average salaries.
The report identified suburbs that struck a balance between being affordable and desirable.
As a result, the research process filtered out suburbs that were more than 100km from a capital city CBD.
Suburbs were also excluded if they had a low socio-economic status, as measured by having a SEIFA socio-economic score of less than 5.
For the top 10 rental markets, median weekly rents ranged from $285 to $330, while household incomes ranged from $1,135 to $1,816 a week.
HOOD.ai founder and CEO Tommy Fraser said housing affordability was a hot-button political issue that was getting a lot of attention in the federal election campaign.
“It’s no wonder both sides of politics are talking about affordability, because the housing market is a tough place right now for people on average salaries,” Fraser said.
“Tenants are faced with very low vacancy rates in many parts of the country. So this latest report is really timely.”
Suburbs in Victoria dominated the list, taking five of the top 10 spots.
Meanwhile, not a single suburb in New South Wales made the list.
Here are the top 10 suburbs for renters for under $350 a week.
Caulfield East. VIC - $285 per week
Gardenvale, VIC - $290 per week
Kingsville, VIC - $300 per week
Plympton, SA - $320 per week
Camden Park, SA - $320 per week
Manifold Heights, VIC - $320 per week
Glenelg North, SA - $325 per week
Heatherton, VIC - $325 per week
Wembley, WA - $330 per week
Osborne Park, WA - $330 per week