Do you know which area in Australia is truly leading in rental affordability?
Or how your residential area ranks in terms of rent compared to the rest?
It’s old news that rents have skyrocketed over the past year and, with the problem expected to get worse, you may be looking for more affordable accommodation.
Surprisingly, Melbourne-Inner in Victoria was the most affordable place to rent in Australia, while regional areas pose more substantial affordability challenges according to a recent study by Renovation Capital.
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On the other hand, Richmond – Tweed was found to be the least affordable place to rent in Australia.
This conclusion was drawn based on multiple factors: the renting population, median weekly income, rental value change since March 2020, median weekly rental value, and rent-to-income ratio.
Renovationcapital.com.au evaluated every SA4 area in Australia using these distinct criteria, assigning a maximum score of 100 for each criterion.
These individual scores were then combined and weighted to generate a final ranks for each area.
The data was sourced from the Australian Bureau of Statistics.
Top 50 Affordable Areas to Rent Across Australia in 2023:
Rank
Area
Median Weekly Rent
3-year Rent Change
Median Weekly Income
Rent to Income Ratio
Final Score
1
Melbourne – Inner
$685
15.90%
$3,256
21.04
85
2
Melbourne – West
$439
11%
$2,374
18.49
81.6
3
Australian Capital Territory
$651
14.20%
$3,201
20.34
80.7
4
Melbourne – Inner South
$702
13.90%
$3,304
21.25
79.6
5
Melbourne – North East
$477
12.50%
$2,506
19.03
78.8
6
Melbourne – Inner East
$652
14.30%
$3,124
20.87
78.4
7
Queensland – Outback
$362
13.20%
$2,163
16.74
77.4
8
Melbourne – North West
$466
12.10%
$2,329
20.01
75.2
9
Melbourne – Outer East
$529
14.90%
$2,550
20.75
74.3
10
Western Australia – Wheat Belt
$378
12.30%
$2,049
18.45
74.2
11
South Australia – Outback
$319
19.60%
$1,989
16.03
74.1
12
Ballarat
$386
15.60%
$2,123
18.19
73.9
13
Perth – Inner
$757
30.90%
$3,631
20.85
73.2
14
Melbourne – South East
$498
15.90%
$2,283
21.81
72.7
15
Geelong
$476
19.40%
$2,395
19.88
72.2
16
Brisbane Inner City
$773
28.60%
$3,421
22.59
71.9
17
Adelaide – Central and Hills
$570
24%
$2,785
20.47
71.9
18
Townsville
$422
20.30%
$2,214
19.06
71.7
19
Victoria – North West
$341
19.80%
$1,953
17.46
71.7
20
New England and North West
$368
20.70%
$2,025
18.17
71
21
Brisbane – West
$656
28.20%
$3,152
20.81
70.6
22
Sydney – Baulkham Hills and Hawkesbury
$769
19.90%
$3,275
23.48
70.5
23
Sydney – North Sydney and Hornsby
$994
19.80%
$3,743
26.56
70
24
Far West and Orana
$377
23.50%
$2,079
18.13
69.6
25
Sydney – Outer South West
$517
18.40%
$2,393
21.61
69.5
26
Sydney – Outer West and Blue Mountains
$523
21.10%
$2,450
21.35
69.4
27
Sydney – Blacktown
$560
20.30%
$2,513
22.28
69.2
28
Bendigo
$421
21.40%
$2,157
19.52
69.1
29
Barossa – Yorke – Mid North
$333
22.50%
$1,872
17.79
68.9
30
Riverina
$397
26.10%
$2,163
18.35
68.9
31
Mackay – Isaac – Whitsunday
$480
25.90%
$2,408
19.94
68.4
32
Brisbane – North
$578
26.70%
$2,678
21.59
67.6
33
Hume
$405
23%
$2,058
19.68
67.4
34
Sydney – Inner West
$823
23.80%
$3,262
25.23
67.4
35
Capital Region
$518
21.30%
$2,373
21.83
67.3
36
Central West
$422
27.70%
$2,194
19.23
67.2
37
Central Queensland
$415
32.40%
$2,261
18.35
67.1
38
Latrobe – Gippsland
$398
22.60%
$1,981
20.09
67
39
Darwin
$577
29.20%
$2,719
21.22
66.7
40
Darling Downs – Maranoa
$342
28%
$1,897
18.03
66.3
41
Warrnambool and South West
$416
23.40%
$2,059
20.2
66.1
42
Sydney – Ryde
$785
23.30%
$3,129
25.09
65.8
43
Brisbane – South
$620
27.30%
$2,674
23.19
65.6
44
South Australia – South East
$368
22.90%
$1,826
20.16
65.3
45
Moreton Bay – South
$546
27.20%
$2,489
21.93
65
46
Sydney – South West
$540
18.10%
$2,189
24.67
64.8
47
Sydney – Sutherland
$805
22.40%
$3,109
25.89
64.1
48
Shepparton
$392
27.50%
$1,967
19.93
64
49
Hobart
$540
19%
$2,232
24.19
64
50
Tasmania – West and North West
$374
25.20%
$1,846
20.26
63.7
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