Extent of rental crisis revealed as rents skyrocket by up to $600 a week

Aussies around the country are struggling to keep up with insane rent increases but some suburbs are feeling the pain more than others.

New data from PropTrack unveiled the suburbs where rents had spiked in the past year as supply constricted and demand intensified.

As rental supply remains tight across the country, some suburbs have seen rent hikes in excess of $600 a week.

Sydney suburbs saw the largest spikes in median rental prices nationally, as demand for rentals continued to far outstrip supply.

The suburbs that saw Sydneysiders bearing the brunt of the biggest increases in median house rents included:

  • Clovelly – $633 increase in median house rent to sit at $1,995
  • Rose Bay – $600 increase in median house rent to sit at $2,000
  • Middle Cove – $525 increase in median house rent to sit at $1,700

 

Sydney was also home to the suburbs that saw the biggest hikes in unit rents, with those increasing the most in:

  • Caringbah South – $230 increase in median unit rent to sit at $980
  • Eveleigh – $208 increase in median unit rent to sit at $838
  • Millers Point – $180 increase in median unit rent to sit at $840

Top 10 suburbs where renting a house increased the most:

  1. Clovelly, NSW – current median weekly rent $1,995, up $633
  2. Rose Bay, NSW – current median weekly rent $2,000, up $600
  3. Middle Cove, NSW – median weekly rent $1,700, up $525
  4. Surfers Paradise, QLD – median weekly rent $1,475, up $430
  5. Paradise Point, QLD – median weekly rent $1,275, up $425
  6. Clear Island Waters, QLD – median weekly rent $1,400, up $400
  7. Riverview, NSW – median weekly rent $1,450, up $400
  8. Double Bay, NSW – median weekly rent $2,000, up $400
  9. Vaucluse, NSW – median weekly rent $2,995, up $395
  10. Balmain East, NSW – median weekly rent $1,400, up $375

 

Top 10 suburbs where renting a unit increased the most:

  1. Caringbah South, NSW – median weekly rent $980, up $230
  2. Eveleigh, NSW – median weekly rent $838, up $208
  3. Millers Point, NSW – median weekly rent $840, up $180
  4. Haymarket, NSW – median weekly rent $840, up $180
  5. South Granville, NSW – median weekly rent $443, up $163
  6. Soldiers Point, NSW – median weekly rent $550, up $163
  7. Banksia Beach, QLD – median weekly rent $610, up $160
  8. Sylvania, NSW – median weekly rent $650, up $150
  9. Zetland, NSW – median weekly rent $780, up $150
  10. Glendale, NSW – median weekly rent $450, up $150

 

article from: au.finance.yahoo.com