Introduction
If you're thinking of renting a house in Australia, then it's important to know how much you need to earn every month. It doesn't matter if you're moving to Sydney or Perth; the rental market is similar across the country. This article will show you how much income it takes to rent a house in every major city in Australia.
Sydney
If you're living in Sydney, your rental income needs to be at least $2,000 per week for a house and $1,500 for an apartment. That's well above the national average of $1,300 per week—so it might be difficult to find a place that meets those requirements on such a salary.
But if you do manage to find somewhere affordable enough, consider yourself lucky: Sydney has some of the highest-priced real estate in Australia. According to Domain Group data from June 2021, the median price for houses was $1,200 per week (up 0.6% year-on-year), while units costed around $1,000 ($100 more than last year).
Melbourne
If you're looking to rent a house in Melbourne, it's going to cost you anywhere from $400 to $1,300 per week. The median weekly rent for a house in Melbourne is $400. While that may sound like an affordable amount of money to pay each week, if you want to buy your own place and call it home, there's a good chance that this probably isn't enough income for you.
Luckily for those who are renting their homes but dreaming of owning one day soon: there are ways around this problem! One way is by creating some kind of side hustle on top of your regular job—it could be anything from selling things online or doing home repairs on the weekends—and saving up some extra cash so that when the time comes for you to buy a house with cash instead of taking out loans (which can be difficult), then whatever extra cash would've gone towards paying off those loans can go towards buying the house itself instead!
Darwin
In Darwin, the average monthly rent for a 2 bedroom house is $600-$650, while the average monthly rent for a 3 bedroom house is $700-$750. The average monthly rent for a 4 bedroom house is $850-$900 and the average rental price for 5+ bedroom houses in Darwin ranges from $1000-$1100 per month.
While these prices might seem high compared to Sydney or Melbourne, it’s important to remember that Darwin has a much lower cost of living than other major Australian cities. This means that tenants are able to save more money by renting rather than buying property in Darwin—and still be able to enjoy all the benefits associated with living there!
Brisbane
Brisbane is a city that has not yet seen the same rental price increases as the rest of Australia.
Average weekly rent for a three-bedroom home in Brisbane sits at $400 per week, below the national average and just above what someone with an average household income would be able to afford comfortably.
Averages can be deceptive though: you might be surprised to learn that Brisbane’s median price for renting a three-bedroom house has increased by more than 25% since 2015!
Perth
In the most recent Census, Perth had a median house price of $575,000 and a median rent for a three-bedroom house of $400 per week. The median household income was $1,890 per week and the median mortgage repayment was $3,800 per month.
Adelaide
Adelaide is a great city to live in if you're on a budget. The median house price is $380,000, averaging out to $470 per month for an average property. This means that a renter would need to earn about $2,300 monthly for the median-priced home in Adelaide.
Of course, this figure can vary depending on your location within the city and what kind of house you're looking for. If you're looking at apartments or townhouses rather than houses, rental yields may be higher or lower than 5%. Alternatively if your budget stretches further—or if you're willing to compromise on location—then these numbers can be used as a guide for how much money you'll need each month from rentership income before tax (assuming no other sources of income).
Hobart
Hobart is the cheapest place to rent in Australia, with a median weekly rent of $215. It's also the most affordable city to live in, according to the latest data from Numbeo.
However, it isn't just cheap to live in Hobart—it has a high median weekly household income as well: $2,593 per week. If you plan on renting a house or apartment here permanently and can make use of your superannuation fund responsibly then you'll be able to save quite a bit over time!
Canberra
If you're looking to rent in Canberra, the average weekly rent is $400. You'll need to earn $2,000 a week if you want to be able to afford a house. To rent an apartment instead, set aside $1,500 a week on average.
There are plenty of affordable rental options across Australia.
If you're looking to live in an Australian city, renting is an option that should be considered.
- Renting lets you live in a central location without having to pay a mortgage on your own place. You can have more disposable income and spend it however you want — on your social life or on the things that make you happy.
- Renting is also good for people who may not know where they want to settle down yet and aren't ready for the commitment of buying property (which involves getting credit, paying off debt and so on).
You'll need a certain monthly income if you want to rent in every Australian city — but luckily there are plenty of affordable rentals available across the country.
Conclusion
With so many rental properties available at different price points, it’s easy for Australians to find a place to call home. Whether you live in a city or the suburbs, renting is an option that can give you more freedom and flexibility than buying property might.
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