Money & Banking

Rent prices continue to rise – but it depends on where you live

Rent prices continue to rise – but it depends on where you live

Despite a 2.7 drop in rental prices in the past twelve months, some surprising cities are among the top five most expensive rental markets across the country.

Sydney remains the most expensive capital city to rent in, with a median weekly price of $580.

This was followed by Canberra at a shocking $549 a week, Melbourne at $458 a week, Hobart at $457 a week, Darwin at $456, Brisbane at $435, Perth at $389 and Adelaide at $386.

Hobart has had the biggest leap in rental prices in the past 12 months at 4.7 per cent while Darwin fell by the same percentage.

CoreLogic’s quarterly rent review showed that Australia-wide weekly rent increased by 0.3 per cent over the second quarter of 2019.

However, the increase in rent is outside metropolitan areas, as regional areas have risen by 1.9 per cent in the last 12 months.

"Overall, the rental market remains quite mixed, however, it is clear that Sydney accounts for a large share of overall renters with annual falls in Sydney, leading to a fall in the combined capital city index," CoreLogic analyst Cameron Kusher said to Nine Finance.

"The past year has seen a change of direction for both the Brisbane and Perth rental markets, following a number of years of declines rents are now climbing again."