Sydneysiders paying almost double the national average rent

Sydneysiders paying almost double the national average rent

Data from SQM Research has revealed the average weekly rents for all houses and units for the week ending 28 June 2017.

The national average weekly price of rent, according to SQM Research, is $426 for houses and $348 for units.

Sydney had the highest average prices overall, with the weekly rental cost for a house hitting $730, and $523.80 for units. This difference sees Sydney tenants on average pay just over 40 per cent more in rent for houses and over 30 per cent more in rent for units.

After Sydney, Canberra takes second place for the most expensive city to rent in. The average house price per week clocked in at $569, and $418.30 for units.

The cheapest city to rent a house in has also been revealed, with Hobart offering tenants an average price of $373.10. Adelaide tenants could also expect to pay the cheapest rent for units, at $288 per week.

What about homeowners?

These prices are reflective of the median dwelling price, according to CoreLogic data. Sydney leads the pack for most expensive city to purchase property in at $872,300, followed by Melbourne at $665,000, and Canberra at $600,000.

City Dwelling Type Rent
Canberra All Houses $569.00
All Units $418.30
Sydney All Houses $730.00
All Units $523.80
Darwin All Houses $516.50
All Units $394.60
Brisbane All Houses $442.50
All Units $367.00
Adelaide All Houses $373.40
All Units $288.00
Hobart All Houses $510.60
All Units $318.50
Melbourne All Houses $510.60
All Units $400.40
Perth All Houses $424.50
All Units $328.00
National All Houses $426.00
All Units $348.00

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What is appreciation or depreciation of property?

The increase or decrease in the value of a property due to factors including inflation, demand and political stability.

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A redraw facility attached to your loan allows you to borrow back any additional repayments that you have already paid on your loan. This can be a beneficial feature because, by paying down the principal with additional repayments, you will be charged less interest. However you will still be able to access the extra money when needed.

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