The cost of renting a house in Australia has hit record highs as the nation’s economy booms in an apparent recovery from the worst of the COVID-19 pandemic.
Domain’s Rent Report, released today, shows the national median price to rent a house is now at an all-time high of $477 per week.
Canberra remains the most expensive city in the country for house renters, recording an eye-watering median price of $630 a week.
That’s a $30 per week quarterly increase and the strongest pace of annual growth for the nation’s capital since 2007.
Curiously, Darwin is now the second most expensive city in which to rent a house, recording an unbelievable median asking price of $593 a week – a 20.9 per cent increase in just one year.
Despite being the most expensive city to purchase a house, Sydney is relatively more affordable to rent, coming in as Australia’s third most expensive city with a median of $550 a week.
Sydney’s median asking price for a free-standing home ticked just $10 a week higher in 12 months.
The situation in Melbourne is just as curious. While known as the second most expensive city in Australia to buy, Melbourne is the most affordable city in which to rent a house.
The median weekly asking price is now $430 – right on par with Adelaide.
While it is the first time Melbourne has been ranked as the most affordable, $430 a week marks a six-year high for Adelaide.