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It's Bad News For Sydney And Melbourne Tenants As Rental Prices On The Rise

Bloomberg via Getty Images

The cost of renting a property in Australia’s two largest capitals, Sydney and Melbourne, increased in the June quarter.

According to an APM Rental Report, released today, renters in both capital cities are paying almost as much for a unit as they are for a house.

After a stint of relatively plateaued growth, the average asking rent for a house in Sydney has shot up by 2% to a record high of $510 a week. Sydney’s unit rent follows closely behind at $500 per week, rising 5.3% over the past year, making it the most expensive capital city in Australia for renters.

Meanwhile Melbourne unit rents rose 1.4% over the June quarter to be up 2.8% over the year – also just $10 per week behind house rents in the city.

The Sydney and Melbourne unit, house price pattern is reflective of the national trends, as units continue to outperform houses across the country due to affordability barriers and lifestyle choices.

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