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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.'
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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.
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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.
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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.'
