The 10 Fastest Growing Home Renting Areas In Australia

Weipa, Queensland, had the biggest rise in rental payments. Getty

Rent payments in Australia have grown faster than both wages and mortgage payments.

Nationally, the median weekly household rent rose 49% to $285 in 2011 from $191 in 2006. Mortgage repayments have increased only 39% during this time.

Rental costs increased twice as much as wages with the median weekly household income rising just 20% to $1,234 in 2011 from $1,027 in 2006.

Western Australia has emerged as the rent rise state, according to data from the Australian Bureau of Statistics (ABS).

The mining boom state had the biggest rise in median weekly rent, jumping 77% to $300 in 2011 from $170 in 2006.

Eight out of Australia’s ten fastest growing rent areas are in Western Australia.

However, as towns go, Weipa in far north Queensland came in at the top, reflecting a change from employer-owned housing to private rentals.

The bauxite mining town is the largest community on Cape York Peninsula.

Despite the challenge from the west, Sydney still has highest rents in Australia with the most expensive in Ku-ring-gai ($575 per week) and Woollahra ($550 per week).

Cottesloe at $450 per week had the highest median rent in Western Australia, followed by Perth with $440 per week.

In Victoria, Melbourne ($400 per week) and Bayside ($390 per week) were highest.

Here’s the top ten rental payment growth areas:

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