Photo: iStock/Milan_Jovic.

Rents in hot suburbs across the east coast rose by double-digit figures in 2017, with one Melbourne area registering a price increase of almost 50%.

According to Rent.com.au’s latest report, the suburb with the fastest growth in rents across Australia’s two most populous states was Melbourne’s Thornbury, where median weekly rent prices rose 47% last year, up to $500.

Next off the rank in Victoria was Armadale (up 34%), then Burwood (up 27%) and Camberwell (up 24%).

The suburb recording the most significant drop in Victoria was Thornbury’s neighbour, Northcote – rents fell 7% to $450 over the same timeframe.

The second fastest fall in Melbourne was Newport – here, rents fell 6%, followed closely by West Footscray, down 4.5%.

Over in New South Wales, the suburb with the sharpest increase in rent was inner Sydney’s Paddington, up 16.1% to $900/week. Nearby Surry Hills also rose 15%.

Some relief was in sight for northern coastal hotspot Byron Bay, however, where rents came down 20% in the December quarter, compared to the year prior.

Top 10 rises and falls in NSW

Positive
Suburb 2016 Q4 2017 Q4 % change
paddington $775 $900 16.1%
ballina $390 $450 15.4%
surry hills $605 $695 14.9%
sans souci $523 $600 14.8%
greenacre $500 $570 14.0%
elizabeth bay $500 $568 13.5%
rosebery $600 $680 13.3%
gladesville $470 $530 12.8%
hurstville $490 $550 12.2%
dulwich hill $470 $525 11.7%

Negative
Suburb 2016 Q4 2017 Q4 % change
byron bay $890 $715 -19.7%
darlinghurst $678 $608 -10.3%
queanbeyan $330 $300 -9.1%
mosman $700 $645 -7.9%
north sydney $640 $590 -7.8%
annandale $710 $660 -7.0%
wagga wagga $319 $300 -6.0%
canterbury $550 $520 -5.5%
terrigal $560 $530 -5.4%
sydney $820 $780 -4.9%

Top 10 rises and falls in VIC

Positive
Suburb 2016 Q4 2017 Q4 % change
thornbury $340 $500 47.1%
armadale $410 $550 34.1%
burwood $375 $475 26.7%
camberwell $500 $620 24.0%
brighton $605 $750 24.0%
murrumbeena $350 $428 22.1%
footscray $330 $390 18.2%
west melbourne $420 $493 17.3%
altona $380 $440 15.8%
rosebud $320 $370 15.6%

Negative
Suburb 2016 Q4 2017 Q4 % change
northcote $485 $450 -7.2%
newport $500 $470 -6.0%
west footscray $335 $320 -4.5%
mornington $440 $423 -4.0%
essendon $385 $370 -3.9%
mildura $290 $280 -3.4%
echuca $320 $310 -3.1%
narre warren south $400 $390 -2.5%
clayton $399 $390 -2.3%
caulfield north $450 $440 -2.2%

Biggest rental price rises in Australia

The cost of renting a home in Port Hedland, Western Australia jumped up almost 10% in 2017 – the biggest increase of anywhere in WA, the report revealed.

Median weekly rents in the Pilbara mining town were up from $400/week in January to $433/week by the end of 2017.

RENT chief Greg Bader said the reported increase could be an indication of a market beginning to bottom out after crashing at the end of the iron ore mining construction boom.

“There is some recovery there but it is a long way from where it was,” he said.

“I don’t think anyone expects it to get back to the crazy days of thousands of dollars per week.”

QUEENSLAND Top 5 – Positive
Suburb Q1 Q4 % change
Bowen $260 $300 15.4%
Helensvale $485 $550 13.4%
Maroochydore $400 $450 12.5%
Cannonvale $375 $420 12.0%
Dalby $230 $258 12.0%

QUEENSLAND Top 5 – Negative
Suburb Q1 Q4 % change
Mount Isa $320 $280 -12.5%
Norman Gardens $300 $265 -11.7%
Teneriffe $540 $480 -11.1%
Glenvale $330 $300 -9.1%
Norman Park $490 $450 -8.2%

 

WESTERN AUSTRALIA Top 5 – Positive
Suburb Q1 Q4 % change
Port Hedland $400 $438 9.4%
Mount Lawley $330 $358 8.3%
Subiaco $430 $465 8.1%
South Perth $370 $400 8.1%
Nedlands $443 $475 7.3%

WESTERN AUSTRALIA Top 5 – Negative
Suburb Q1 Q4 % change
Mosman Park $380 $325 -14.5%
Victoria Park $350 $300 -14.3%
Wembley $290 $250 -13.8%
East Victoria Park $365 $320 -12.3%
Thornlie $340 $300 -11.8%

 

SOUTH AUSTRALIA Top 5 – Positive
Suburb Q1 Q4 % change
Klemzig $300 $349 16.3%
Hallett Cove $355 $390 9.9%
Glenelg $370 $395 6.8%
Port Pirie $208 $220 6.0%
Mawson Lakes $340 $360 5.9%

SOUTH AUSTRALIA Top 5 – Negative
Suburb Q1 Q4 % change
Prospect $390 $348 -10.9%
North Adelaide $418 $390 -6.6%
Christies Beach $330 $315 -4.5%
Magill $355 $345 -2.8%
Norwood $415 $410 -1.2%

 

TASMANIA Top 5 – Positive
Suburb Q1 Q4 % change
South Launceston $270 $310 14.8%
Mowbray $265 $300 13.2%
Howrah $350 $395 12.9%
West Moonah $320 $360 12.5%
Lindisfarne $380 $420 10.5%

TASMANIA Top 5 – Negative
Suburb Q1 Q4 % change
Queenstown $150 $135 -10.0%
Burnie $208 $193 -7.2%
North Hobart $450 $425 -5.6%
Moonah $370 $350 -5.4%
Launceston $348 $350 -0.6%

 

NORTHERN TERRITORY Top 5 – Positive
Suburb Q1 Q4 % change
Larrakeyah $470 $550 17.0%
Darwin $580 $643 10.8%
Johnston $400 $425 6.3%
Durack $480 $505 5.2%
Gray $350 $365 4.3%

NORTHERN TERRITORY Top 5 – Negative
Suburb Q1 Q4 % change
Rosebery $480 $420 -12.5%
Coconut Grove $380 $350 -7.9%
Darwin City $500 $480 -4.0%
Millner $360 $350 -2.8%
Karama $420 $410 -2.4%

 

AUSTRALIAN CAPITAL TERRITORY Top 5 – Positive
Suburb Q1 Q4 % change
Kaleen $485 $580 19.6%
Downer $540 $530 17.8%
Harrison $440 $510 15.9%
Gungahlin $420 $480 14.3%
Ngunnawal $400 $450 12.5%

AUSTRALIAN CAPITAL TERRITORY Top 5 – Negative
Suburb Q1 Q4 % change
Crace $540 $455 -15.7%
Kingston $520 $475 -8.7%
City $580 $550 -5.2%
Narrabundah $500 $480 -4.0%
O’Connor $495 $478 -3.5%

Cheapest suburbs to rent within 10km of each state/territory capital

Sydney, New South Wales
1 Wollongong $450
2 Croydon Park $470
3 Ashfield $488
4 Potts Point $500
5 Dulwich Hill $520
6 Burwood $545
7 Elizabeth Bay $550
8 Hillsdale $550
9 Marrickville $550
10 Petersham $550

 

Melbourne, Victoria
1 West Footscray $275
2 Essendon $370
3 Pascoe Vale $395
4 Maribyrnong $400
5 Brunswick East $418
6 Caulfield North $420
7 St Kilda East $420
8 Hawthorn $425
9 Brunswick East $440
10 Coburg $440

 

Brisbane, Queensland
1 Clayfield $350
2 Annerley $355
3 Chermside $365
4 Everton Park $375
5 Newmarket $380
6 Stafford $380
7 Taringa $385
8 Kedron $390
9 Lutwyche $390
10 Fortitude Valley $395

 

Adelaide, South Australia
1 West Beach $255
2 Croydon Park $280
3 Woodville West $290
4 Hectorville $295
5 Windsor Gardens $302
6 Glenelg East $310
7 Glenelg North $310
8 Edwardstown $315
9 Plympton $315
10 Paradise $320

 

Perth, Western Australia
1 Wembley $250
2 Victoria Park $290
3 Bentley $300
4 Kewdale $300
5 Maylands $300
6 Yokine $300
7 Tuart Hill $303
8 Cloverdale $315
9 Nollamara $315
10 Belmont $320
Rent.com.au

Rent.com.au is Australia's largest company dedicated to renters and is owned and operated by ASX-listed Rent.com.au Limited (RNT:ASX). For over 15 years, Rent.com.au has exclusively focused on making renters' lives easier by making it easier to find a property, secure it, move in and pay rent.

NO COMMENTS

LEAVE A REPLY