Properties are seemingly not being built or released on the market anywhere near the rate of rental demand, driving vacancy rates across the nation to near record lows, and prices up.

Rate rises to mortgages may also have a flow-on effect to rents.

SQM Research has found average weekly rent in Australia went up more than 15% in 2022.

This week, PropTrack published the suburbs across the country that have seen the biggest annual increase to median rents (from February '22 to '23), which we've broken down state by state, with 160 suburbs or towns detailed.


Advertisement

Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
$2,408
Principal & Interest
Variable
$0
$530
70%
Featured Online ExclusiveUp To $4K Cashback
  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
5.99% p.a.
5.90% p.a.
$2,396
Principal & Interest
Variable
$0
$0
80%
Featured Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.14% p.a.
6.16% p.a.
$2,434
Principal & Interest
Variable
$0
$250
60%
Featured Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

New South Wales

House prices

Suburb  

GCCSA  

Current median weekly rent  

$ change in median rental price  

Clovelly 

Greater Sydney 

$1,995  

$633  

Rose Bay 

Greater Sydney 

 $2,000  

 $600  

Middle Cove 

Greater Sydney 

 $1,700  

 $525  

Riverview 

Greater Sydney 

 $1,450  

 $400  

Double Bay 

Greater Sydney 

 $2,000  

 $400  

Vaucluse 

Greater Sydney 

 $2,995  

 $395  

Balmain East 

Greater Sydney 

 $1,400  

 $375  

Curl Curl 

Greater Sydney 

 $1,900  

 $375  

North Turramurra 

Greater Sydney 

 $1,250  

 $355  

Queens Park 

Greater Sydney 

 $1,650 

 $350 

Unit prices

Suburb  

GCCSA  

Current median weekly rent  

$ change in median rental price  

Caringbah South 

Greater Sydney 

$980  

$230  

Eveleigh 

Greater Sydney 

 $838  

 $208  

Millers Point 

Greater Sydney 

 $840  

 $180  

Haymarket 

Greater Sydney 

 $850  

 $170  

South Granville 

Greater Sydney 

 $443  

 $163  

Soldiers Point 

Rest of NSW 

 $550  

 $163  

Glendale 

Rest of NSW 

 $450  

 $150  

Sylvania 

Greater Sydney 

 $650  

 $150  

Zetland 

Greater Sydney 

 $780  

 $150  

Brunswick Heads 

Rest of NSW 

 $690 

 $140 

NSW saw the biggest spikes to rental rates.

Seven of the top ten biggest increases to rents for both houses and units in the whole country were suburbs in Sydney, while Glendale and Soliders Point also made it onto the list for units.

Median rents in Clovelly and Rose Bay increased by over $600.

Victoria

House prices

Suburb  

GCCSA  

Current median weekly rent  

$ change in median rental price  

Black Rock 

Greater Melbourne 

$ 1,075  

$180  

Somers 

Greater Melbourne 

 $650  

 $175  

Sorrento 

Greater Melbourne 

 $970  

 $171  

St Kilda West 

Greater Melbourne 

$1,045  

 $170  

Blairgowrie 

Greater Melbourne 

 $698  

 $158  

Caulfield 

Greater Melbourne 

 $850  

 $150  

Glen Huntly 

Greater Melbourne 

 $780  

 $140  

Echuca 

Rest of Vic. 

 $550  

 $130  

Ormond 

Greater Melbourne 

 $750  

 $130  

Bright 

Rest of Vic. 

 $575 

 $125 

Unit prices

Suburb  

GCCSA  

Current median weekly rent  

$ change in median rental price  

Melbourne 

Greater Melbourne 

$530  

$150  

Southbank 

Greater Melbourne 

 $550  

 $130  

West Melbourne 

Greater Melbourne 

 $500  

 $120  

McCrae 

Greater Melbourne 

 $550  

 $120  

Docklands 

Greater Melbourne 

 $550  

 $110  

Healesville 

Greater Melbourne 

 $470  

 $105  

Rye 

Greater Melbourne 

 $490  

 $90  

Wheelers Hill 

Greater Melbourne 

 $520  

 $90  

Torquay 

Rest of Vic. 

 $550  

 $90  

Dromana 

Greater Melbourne 

 $505 

 $80 

While vacancy rates in Victoria fell from 2.8% to 1.1% over the year according to SQM, Australia's second largest state did not see the dramatic price increases that NSW experienced.

The Victorian government outlawed rental bidding (where real estate agents encourage prospective tenants to bid over the asking price) in 2021, while the same measures weren't implemented in NSW until December 2022.

By no means is Victoria avoiding the rental crisis though, with several suburbs seeing large relative growth.

Median rental price for houses in Somers rose nearly 37%, for example, while units in Healesville are now 28% more expensive to rent.

Queensland

House prices

Suburb  

GCCSA  

Current median weekly rent  

$ change in median rental price  

Surfers Paradise 

Rest of Qld 

$1,475  

$430  

Paradise Point 

Rest of Qld 

 $1,275  

 $425  

Clear Island Waters 

Rest of Qld 

 $1,400  

 $400  

Miami 

Rest of Qld 

 $1,100  

 $310  

Sunshine Beach 

Rest of Qld 

 $1,175  

 $275  

Jacobs Well 

Rest of Qld 

 $810  

 $235  

New Farm 

Greater Brisbane 

 $1,080  

 $230  

North Maclean 

Greater Brisbane 

 $680  

 $220  

Tanawha 

Rest of Qld 

 $1,050  

 $200  

Mermaid Waters 

Rest of Qld 

 $1,100  

 $200  

Unit prices

Suburb  

GCCSA  

Current median weekly rent  

$ change in median rental price  

Banksia Beach 

Greater Brisbane 

$610  

$160  

Main Beach 

Rest of Qld 

 $700  

 $150  

Mermaid Beach 

Rest of Qld 

 $700  

 $145  

Elanora 

Rest of Qld 

 $690  

 $140  

Hollywell 

Rest of Qld 

 $720  

 $140  

Peregian Beach 

Rest of Qld 

 $650  

 $130  

Banyo 

Greater Brisbane 

 $460  

 $119  

Durack 

Greater Brisbane 

 $505  

 $115  

Merrimac 

Rest of Qld 

 $610  

 $110  

Broadbeach 

Rest of Qld 

 $620 

 $110 

Earlier this week, Queensland premier Annastascia Palaszczuk said the government would seriously consider introducing caps on rental rises to combat chronic housing shortages across the state.

This proposal came under heavy fire from many within the real estate industry, who say the move would see investors pull out of property, which would further limit the rental supply.

Tenants in Queensland though will likely be hoping for something to change, with several suburbs sneaking into the top ten for increases to median rents in Australia.

ACT

House prices

Suburb  

GCCSA  

Current median weekly rent  

$ change in median rental price  

Kingston

Australian Capital Territory

$1100

$250

Garran

Australian Capital Territory

$840

$140

Deakin

Australian Capital Territory

$950

$137.5

Pearce

Australian Capital Territory

$780

$130

Hawker

Australian Capital Territory

$685

$115

Turner

Australian Capital Territory

$882.5

$102.5

Theodore

Australian Capital Territory

$630

$100

Forrest

Australian Capital Territory

$1500

$100

Bruce

Australian Capital Territory

$745

$95

Hughes

Australian Capital Territory

$735

$85

Unit prices

Suburb  

GCCSA  

Current median weekly rent  

$ change in median rental price  

Moncrieff

Australian Capital Territory

$630

$95

Wanniassa

Australian Capital Territory

$530

$85

Jacka

Australian Capital Territory

$565

$85

Holder

Australian Capital Territory

$580

$82.5

Garran

Australian Capital Territory

$680

$80

Hawker

Australian Capital Territory

$470

$72.5

Ngunnawal

Australian Capital Territory

$555

$72.5

Holt

Australian Capital Territory

$520

$70

Pearce

Australian Capital Territory

$570

$70

Narrabundah

Australian Capital Territory

$590

$70

The ACT is the only state or territory to already have controls on rental increases in place.

Annual rent increases can only be up to 10% more than the quarterly inflation rate of rents in the ACT.

This likely explains why the ACT saw comparatively lower rental increases than other areas of Australia.

South Australia

House prices

Suburb  

GCCSA  

Current median weekly rent  

$ change in median rental price  

Glen Osmond 

Greater Adelaide 

$900  

$270  

Walkerville 

Greater Adelaide 

 $790  

 $190  

Glenelg East 

Greater Adelaide 

 $650  

 $175  

Stirling 

Greater Adelaide 

 $680  

 $170  

Hazelwood Park 

Greater Adelaide 

 $770  

 $170  

Medindie 

Greater Adelaide 

 $1,045  

 $170  

West Lakes Shore 

Greater Adelaide 

 $700  

 $155  

Malvern 

Greater Adelaide 

 $838  

 $148  

Kensington Gardens 

Greater Adelaide 

 $690  

 $145  

Glenunga 

Greater Adelaide 

 $825 

 $145 

Unit Prices

Suburb  

GCCSA  

Current median weekly rent  

$ change in median rental price  

Woodville West 

Greater Adelaide 

$425  

$90  

Westbourne Park 

Greater Adelaide 

 $380  

 $80  

Glenunga 

Greater Adelaide 

 $420  

 $80  

Seacliff 

Greater Adelaide 

 $430  

 $80  

St Morris 

Greater Adelaide 

 $430  

 $80  

Tonsley 

Greater Adelaide 

 $363  

 $80  

Henley Beach 

Greater Adelaide 

 $425  

 $75  

Campbelltown 

Greater Adelaide 

 $425  

 $75  

Renown Park 

Greater Adelaide 

 $380  

 $73  

Sefton Park 

Greater Adelaide 

 $400 

 $70 

Western Australia

House prices

Suburb  

GCCSA  

Current median weekly rent  

$ change in median rental price  

Salter Point

Greater Perth

$795

$220

East Perth

Greater Perth

$750

$200

Attadale

Greater Perth

$800

$200

North Coogee

Greater Perth

$1150

$200

Banjup

Greater Perth

$850

$187.5

Woodlands

Greater Perth

$737.5

$175

Coolbinia

Greater Perth

$720

$165

Busselton

Rest of WA

$600

$155

North Lake

Greater Perth

$620

$150

South Perth

Greater Perth

$750

$150

Unit prices

Suburb  

GCCSA  

Current median weekly rent  

$ change in median rental price  

North Fremantle

Greater Perth

$720

$120

Cable Beach

Rest of WA

$500

$100

South Hedland

Rest of WA

$600

$100

Dampier

Rest of WA

$515

$95

Cottesloe

Greater Perth

$595

$95

Parmelia

Greater Perth

$325

$90

Geographe

Rest of WA

$525

$90

Eaton

Rest of WA

$435

$87.5

Wannanup

Greater Perth

$550

$85

Port Hedland

Rest of WA

$600

$82.5

Tasmania

House prices

Suburb  

GCCSA  

Current median weekly rent  

$ change in median rental price  

Montello 

Rest of Tas. 

$405  

$100  

Hadspen 

Rest of Tas. 

 $540  

 $100  

Mount Stuart 

Greater Hobart 

 $648  

 $98  

Geilston Bay 

Greater Hobart 

 $625  

 $95  

Montrose 

Greater Hobart 

 $590  

 $90  

Battery Point 

Greater Hobart 

 $700  

 $90  

Legana 

Rest of Tas. 

 $560  

 $88  

Lauderdale 

Greater Hobart 

 $620  

 $83  

Sandy Bay 

Greater Hobart 

 $700  

 $75  

Longford 

Rest of Tas. 

 $500 

 $70 

Unit prices

Suburb  

GCCSA  

Current median weekly rent  

$ change in median rental price  

New Norfolk 

Greater Hobart 

$400  

$100  

Kingston Beach 

Greater Hobart 

 $510  

 $80  

Warrane 

Greater Hobart 

 $530  

 $80  

Newstead 

Rest of Tas. 

 $410  

 $78  

George Town 

Rest of Tas. 

 $270  

 $70  

Blackmans Bay 

Greater Hobart 

 $520  

 $70  

Newnham 

Rest of Tas. 

 $368  

 $68  

Bridgewater 

Greater Hobart 

 $398  

 $68  

Huonville 

Rest of Tas. 

 $410  

 $60  

Norwood 

Rest of Tas. 

 $430 

 $60 

Northern Territory

House prices

Suburb  

GCCSA  

Current median weekly rent  

$ change in median rental price  

Larrakeyah

Greater Darwin

$1100

$250

Coconut Grove

Greater Darwin

$755

$115

Wagaman

Greater Darwin

$635

$110

Stuart Park

Greater Darwin

$765

$85

Tiwi

Greater Darwin

$580

$80

Alawa

Greater Darwin

$595

$75

Millner

Greater Darwin

$600

$60

Rapid Creek

Greater Darwin

$687.5

$57.5

Woodroffe

Greater Darwin

$550

$50

Rosebery

Greater Darwin

$650

$50

Unit prices

Suburb  

GCCSA  

Current median weekly rent  

$ change in median rental price  

Nightcliff

Greater Darwin

$450

$70

Larrakeyah

Greater Darwin

$570

$70

Berrimah

Greater Darwin

$600

$70

Zuccoli

Greater Darwin

$600

$67.5

Rapid Creek

Greater Darwin

$475

$65

Parap

Greater Darwin

$530

$60

Stuart Park

Greater Darwin

$550

$60

Braitling

Rest of NT

$435

$50

Leanyer

Greater Darwin

$450

$50

Woolner

Greater Darwin

$550

$50


Advertisement

Buying an investment property or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for investors.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.19% p.a.
6.58% p.a.
$2,589
Principal & Interest
Variable
$0
$530
90%
Featured 90% LVR
  • You MUST already have Solar or a documented plan to install within 90 days to be eligible for this loan
  • Available for refinance or purchase
  • No monthly, annual or ongoing fees
6.29% p.a.
6.20% p.a.
$2,473
Principal & Interest
Variable
$0
$0
80%
Featured Apply In Minutes
  • A low-rate variable investment home loan from a 100% online lender. Backed by the Commonwealth Bank.
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Picture by Belle Co on Pexels





Ready, Set, Buy!


Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!

With bonus Q&A sheet and Crossword!

By subscribing you agree to our privacy policy