While there’s a certain fixation on house prices, whether you’re a property investor or a tenant, rents matter just as much.
They’re also subject to some extreme fluctuation, according to new analysis produced by research house CoreLogic and published by the Australian Financial Review.
Take inner Adelaide suburb Devon Park or desirable Daglish in Perth’s west for example. Both have shot up by 33% or more in just the last 12 months as demand overwhelms supply.
Some suburbs in Sydney and Melbourne meanwhile have managed to keep pace as well, despite their median rents being far higher.
If you’re renting in Sylvania Waters, a beachside suburb in Sydney’s south, for example, you’re now forking out $1,200 a week – an increase of 31.1% on last year.
Wollstonecraft on Sydney’s lower North Shore with weekly median rent at $1,198 and Queenscliff on its Northern Beaches at $1,013 per week weren’t far behind with rents up by around 27%.
Similarly, tenants who call Deepdene in Melbourne’s East home are paying $913 per week or 30.4% more than last year.
But what goes up must also go down.
Sydney’s suburbs make up the lion share of those that have been smashed by a falling market.
The seaside areas of Dover Heights at $1,200 per week, Curl Curl at $985, Tamarama at $1,800, and Bayview at $975 all saw their median rents fall by more than a fifth in the last year. They were joined by Sydney harbourside suburb Greenwich at $1,000 to take out five of the six worst-performing rental suburbs in the country.
See the full list below.
Business Insider Emails & Alerts
Site highlights each day to your inbox.