Average Rent Across Australia: How Does Brisbane Compare?
Australia is a country that thrives on the strength of its property market. People all over the country invest in real estate as one of the most secure long-term financial decisions. We have the confidence to do that because the Australian rental market continues to see strong growth and returns, especially with the upward trend in rent that we’ve seen over the past few years.
The COVID-19 pandemic seems to have touched every corner of our lives, and rents are no exception. Research from CoreLogic shows that the national rental index increased by 1.9% during the final quarter of 2021. That contributed to the 9.44% annual growth rate, the highest since January 2007. Growth is good news for investors, but where does it leave renters? We want to take a look at apartments across the country and see whether Brisbane can hold its spot as one of Australia’s most affordable rental markets.
1. Canberra – $520 per week
Once again Canberra tops the list of Australia’s most expensive cities for rental prices. The average apartment in the country’s capital city is now being rented out for a whopping $520 per week.
2. Sydney – $485 per week
Australia’s largest city is notorious for its soaring property prices, so it’s probably no surprise to see it at number two on this list. Sydney renters pay an average of $485 per week for their apartments.
3. Darwin – $470 per week
In 2021, Darwin recorded the country’s strongest annual rental growth, achieving a staggering 15.2% increase! That growth cooled a bit at the end of 2021, but Darwin’s apartment market still sees renters paying an average of $470 per week.
4. Brisbane – $410 per week
Here we are at number four on the list! The River City has seen fantastic growth in rentals over the past few years, with apartments now fetching an average of $410 per week. Part of that growth comes from changes in renter demands. With most of us spending more time living and working around the house, renters are on the hunt for larger apartments with more space – and they’re willing to pay for the upgrade.
This recent growth comes on the heels of strong performance over the past few years. A 2019 report showed that rents in Brisbane’s apartment market had jumped by 23% from 2014, making apartments some of the strongest performing investments in the city.
5. Hobart – $400 per week
Rents in Hobart tumbled at the start of COVID-19, but the city has seen a major recovery with apartment rents hitting record highs. The average apartment is now rented out for $400 per week, with researchers from CoreLogic attributing the growth to the return of domestic travel and tourism.
6. Perth – $380 per week
Perth has been one of the strongest growing markets during the pandemic, with rents jumping up 16.7% during 2021. Even with the growth, the city’s apartments sit at a comfortable $380 per week in rental fees.
7. Melbourne – $370 per week
In a bit of a twist, one of the country’s most expensive real estate markets comes in as the second most affordable city for apartment rentals. Paying just $370 per week for apartments in and around the city, Melbourne renters are still benefiting from the fall in rents that happened at the end of 2019.
8. Adelaide – $350 per week
Despite growth across the country, Adelaide remains Australia’s most affordable city for renters. At an average of just $350 per week for apartments, Adelaide’s rental scene still offers some of the best value for tenants.
Getting Ready to Invest in Brisbane’s Apartment Market? Contact Amazing Apartments Today!
Brisbane is a city that’s on the move. Increasing property prices down south are seeing lots of Australians take up residence in the River City. That growth has made the properties in our inner suburbs some of the most attractive real estate in the country! With loads of lifestyle in easy reach and affordable price points, apartment living is attracting more buyers and renters than ever before. If you’re interested in getting into your own Brisbane apartment then the Amazing Apartments team would love to help!
We’re dedicated apartment experts with decades of experience to our name. Our personalised approach to real estate means we always match our buyers to the apartment that’s best for their lifestyle. If you’re interested in selling your current apartment or want to look for a new one, feel free to get in touch with us at any time!