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Daily Telegraph
2 hours ago
- Business
- Daily Telegraph
The 327 Aus postcodes with a median rent of more than $1k a week
It's no secret that Australian tenants are doing it tough, and new data has revealed there are now 327 postcodes across the nation where the median weekly rent is now more than $1000 a week. Across the capital cities, tenants now pay almost $11,000 more than they did five years ago, pushing the median weekly rent for a house to $657 and $585 for units, according to latest PropTrack figures. For those tenants renting in suburbs where the median price is at least $1000 – and in some cases up to $3450 a week – the sky-high rents are reflective of the broader changes experienced across Australia's property market, including general price increases, inflation and shortages in housing supply. Unsurprisingly, many of Australia's most expensive rental suburbs are located in Sydney, with Bellevue Hill, Double Bay and Vaucluse ranking in the top three with weekly rents well above $3000. Another 17 Sydney suburbs have median rents of at least $2000, including in North Bondi, Coogee, Rose Bay and Bronte, while a further 207 NSW localities have median rents over $1000 a week. Queensland followed with 47 locations with median weekly rents over $1000, including Ascot in Brisbane and regional locations including Noosa Heads and Palm Beach. There are also 34 suburbs with median rents of over $1000 recorded for Western Australia, 22 for Victoria and two for the ACT. Meanwhile, Adelaide recorded its first suburb with a median $1000 weekly rent this month. REA Group economist Anne Flaherty said the current growth drivers of rentals across Australia are a lack of supply and surging demand. 'I think it's inevitable that we'll see more $1000 rental suburbs added to the list,' she said. 'It's kind of astonishing, because a lot of the conversations around where rents are sitting are that they couldn't possibly go any higher because people couldn't afford to pay anymore. 'But time and time again, we see that proven wrong and we see more and more suburbs touching the $1000 a week mark.' MORE NEWS Great Aussie dream crushed by cost surge First-home frenzy: Young Aussies locked out Scary reason Aus renters won't move Ms Flaherty said nationally, tenants now pay $10,920 more than they did five years ago. 'They are markets where this figure is even more staggering. In greater Perth, compared to five years ago, people are paying $16,640 more and in Brisbane it's $13,000. Sydney is also $13,000,' she said. 'So what we're seeing (as a result), especially in Sydney, is that the demographic is becoming much older than other states. 'If we look at interstate migration, we see the strongest interstate migration out of NSW into the other states than any other states. So we're seeing more people leaving NSW than coming in and affordability is a big factor there. 'So what we're seeing is that young working people are tending to move to other capital cities, for example Melbourne and Brisbane, where home prices and rents are lower.' Ms Flaherty adds that the only real solution to combat rent costs was building more homes. 'Fundamentally, we need more homes and more rental accommodation,' she said. 'If we can build more homes, then that not just slows down the rate at which home prices grow, but it can also slow the rate at which rents grow.' Meanwhile, a new report provided by property investment advisory, InvestorKit, has revealed the markets under the most pressure based on vacancy rates, supply levels, rental yields, affordability, and long-term demand. MORE NEWS: Where you can buy a house for unit price While rental growth has moderated compared to previous years, regions in Western Australia, South Australia and Queensland continue to lead the country. InvestorKit identified Unley in Adelaide as a standout suburb for future rental growth, with its median house price of $1.4m making renting significantly cheaper than buying, even with anticipated rate cuts. It also highlights Mundaring in Perth, which has seen rents surge 69 per cent over the past four years, combined with persistently low vacancy rates and limited new supply. MORE NEWS Little-known rule could save you $800 Worst celeb tenants exposed 'Unbelievable': Surprise $100k hoarder home find In Brisbane, Loganlea, The Gap, and Wynnum-Manly are tipped to see continued rental growth due to their relative affordability compared to house prices and a lack of new housing supply in these areas. InvestorKit CEO Arjun Paliwal said despite interest rates falling, housing supply was still well below demand, which would keep upward pressure on rents in 2025 and beyond. 'Australia's rental crisis has now entered its fourth year and while there has been some relief, for example, national 'for rent' listings and vacancy rates have improved slightly, both metrics remain significantly below their pre-Covid levels,' Mr Paliwal said. 'This is not a temporary issue. It is a chronic condition driven by long-standing structural problems: a sustained lack of private rental supply, limited diversity in rental options, insufficient social housing, and an ongoing shortfall in new housing supply that cannot be quickly resolved.'
Mid East Info
10 hours ago
- Business
- Mid East Info
Property Finder Welcomes Owen Wilson, CEO of REA Group, to its Board of Directors in a Major Industry Move - Middle East Business News and Information
Wilson brings decades of experience in property portals, digital transformation, and international market expansion to the business to help further boost Property Finder's growth Dubai, United Arab Emirates, June, 2025: Property Finder, MENA's leading property portal (or 'the company'), has announced the appointment of Owen Wilson, CEO of REA Group, to its Board of Directors. Wilson brings decades of executive and operational experience, including nine years at REA Group, where he progressed from Chief Financial Officer to Chief Executive Officer. During his tenure he led REA Group, which operates Australia's #1 property platform, through a period of sustained growth and international expansion. Under his leadership, the business became widely regarded as the most advanced digital real estate company in the world. Listed on the Australian Stock Exchange (ASX) with a market capitalisation of approximately USD $20 billion, REA Group, a former shareholder in Property Finder, is majority-owned by News Corp, the global media company founded by Rupert Murdoch. Wilson's addition to the Property Finder Board signals the company's ambition to accelerate innovation, underscore governance, and deliver even greater value to home seekers, buyers and partners across the MENA region. Michael Lahyani, Founder and CEO of Property Finder, said: 'Owen brings deep industry expertise to our Board. His leadership at REA Group, shaping digital transformation, driving strategic M&A, and championing customer-first innovation sets a strong benchmark for the industry. As we continue our mission to change living for good in the region, Owen's insight will be instrumental in helping us deliver on our purpose and strengthen our position as the regional leader.' Owen Wilson, Board Member, Property Finder, adds, 'I'm deeply passionate about creating personalised experiences that redefine how people engage with property. I've long admired Property Finder's bold vision and the transformative role it plays in reshaping real estate across the MENA region. Under Michael's leadership, the team's relentless focus on innovation, customer experience, and data-driven decision-making closely aligns with the values I've championed throughout my career. I'm excited to support Michael and the Board as the company embarks on its next chapter of growth and continues to shape the future of property search.'
Zawya
12 hours ago
- Business
- Zawya
Property Finder welcomes Owen Wilson, CEO of REA Group, to its Board of Directors in a major industry move
Dubai, United Arab Emirates, June 19, 2025: Property Finder, MENA's leading property portal (or 'the company'), has announced the appointment of Owen Wilson, CEO of REA Group, to its Board of Directors. Wilson brings decades of executive and operational experience, including nine years at REA Group, where he progressed from Chief Financial Officer to Chief Executive Officer. During his tenure he led REA Group, which operates Australia's #1 property platform, through a period of sustained growth and international expansion. Under his leadership, the business became widely regarded as the most advanced digital real estate company in the world. Listed on the Australian Stock Exchange (ASX) with a market capitalisation of approximately USD $20 billion, REA Group, a former shareholder in Property Finder, is majority-owned by News Corp, the global media company founded by Rupert Murdoch. Wilson's addition to the Property Finder Board signals the company's ambition to accelerate innovation, underscore governance, and deliver even greater value to home seekers, buyers and partners across the MENA region. Michael Lahyani, Founder and CEO of Property Finder, said: "Owen brings deep industry expertise to our Board. His leadership at REA Group, shaping digital transformation, driving strategic M&A, and championing customer-first innovation sets a strong benchmark for the industry. As we continue our mission to change living for good in the region, Owen's insight will be instrumental in helping us deliver on our purpose and strengthen our position as the regional leader." Owen Wilson, Board Member, Property Finder, adds, 'I'm deeply passionate about creating personalised experiences that redefine how people engage with property. I've long admired Property Finder's bold vision and the transformative role it plays in reshaping real estate across the MENA region. Under Michael's leadership, the team's relentless focus on innovation, customer experience, and data-driven decision-making closely aligns with the values I've championed throughout my career. I'm excited to support Michael and the Board as the company embarks on its next chapter of growth and continues to shape the future of property search.' About Property Finder Property Finder is a pioneering property portal in the Middle East and North Africa (MENA) region, dedicated to shaping an inclusive future for real estate while spearheading the region's growing tech ecosystem. At its core is a clear and powerful purpose: To change living for good in the region. Founded on the value of great ambitions, Property Finder connects millions of property seekers with thousands of real estate professionals every day. The platform offers a seamless and enriching experience, empowering both buyers and renters to make informed decisions. Since its inception in 2007, Property Finder has evolved into a trusted partner for developers, brokers, and home seekers and buyers. As a lighthouse tech company, it continues to create an environment where people can thrive and contribute meaningfully to the transformation of real estate in MENA. For more information, please contact: Gambit PR & Communications propertyfinder@
News.com.au
3 days ago
- Business
- News.com.au
Housing market seeing ‘dip' in homes for sale as buyer demand stays strong
REA Group Senior Economist Anne Flaherty discusses the 'dip' Australia is currently experiencing in the number of houses for sale compared to the market in 2024. 'We have seen a bit of a dip in the number of homes coming up for sale … if we compare this year to last year, we are actually down around nine per cent,' Ms Flaherty said. 'Buyer demand is still showing very strong. 'The total number of people looking is very high.'
News.com.au
5 days ago
- Business
- News.com.au
Rental conditions begin to ease following ‘incredibly challenging' period
REA Group Senior Economist Eleanor Creagh claims rental conditions are beginning to ease from the 'incredibly challenging conditions' over the past few years. 'Certainly, we are seeing a bit of relief for renters,' she told Sky News Business Editor Ross Greenwood. 'We have also seen that investor activity has picked up over the past couple of years, and actually rental investor activity is sitting close to a decade high.'
