Three bedroom home is $4,000 cheaper than it would be if you rented out in Australia
Three bedrooms can cost $4.75 per week more in Australia, according to the latest rental figures from FourFour Two.
Key points:A 3 bedroom home in Sydney’s inner west, with a kitchen and a living room, would cost $1,868 in 2017 if it was rented out across the cityThe average price in the region for a home with a single bathroom would be $1.5 million a yearMore than 80 per cent of rental properties in the country’s capital were rented in 2017, with the average price of a rental property in Sydney rising by 1.3 per cent, according of the latest data from the Australian Bureau of Statistics.
Key Points:More than 75 per cent (1,200 properties) of rental homes in the capital were sold in 2017The average rent in Sydney increased by 1 per centThe average weekly rent in the city rose by $1.,868The number of listings in the CBD rose by 3.8 per centIn 2017, the average rent for a property in the inner-west of Sydney was $1;868, with rents in the suburbs around $1 per week higher than the national average.
In Brisbane, the median rent for properties in Brisbane was $2,071.
The average weekly rental in Brisbane in 2017 was $965.
In Adelaide, the typical rental was $764 a week.
The average week-to-week rent for homes in Melbourne’s CBD was $3,400 in 2017.
In Sydney, it was $4 per week.
In Melbourne’s outer north-east, the number of properties in Sydney was 851 in 2017; there were 4,717 listings in Melbourne in 2017 compared to the national figure of 4,823.
In the inner west of Sydney, the housing market was particularly strong, with more than 90 per cent rentals in 2017 with a median price of $1 million a week, compared to just over 50 per cent nationally.
Rents in the south-west rose by 2.4 per cent in 2017 to $2.45 per week in the ACT and $2 per week for properties outside the CBD.
A three bedroom home with three bathrooms in the outer west of the city could cost $3.2 million a season in 2017 in Sydney, compared with $2 million in Brisbane.
However, this home would only be worth $1 a week less in Brisbane if it were to be rented out, and $1 more than it is in Sydney.
The median price for a three bedroom property in Brisbane would be just over $1m in 2017 and $3 million in Sydney if it is rented out nationally.
It is worth noting that in 2016, the market in the Inner West was so strong that it could only supply so many apartments and houses a week at a time, so the number available in the area was small.
Rental vacancy in the regional Sydney market dropped by 0.5 per cent over the year to 1,934 homes, according the latest figures from the NSW Bureau of Planning and Urban Research.
In 2017 there were 1,084 listings for homes to rent in NSW, compared the previous year’s total of 1,128.
The number and type of homes available in NSW was much lower than it was in the national market, with only 1,711 properties available for sale in NSW in 2017 as compared to 2,942 in the year before.
A number of other factors may also be affecting the availability of homes for rental in NSW: the national population has fallen, there are fewer people moving to the state, the population of new construction and residential construction is still relatively low compared to some other states.