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Melbourne renters paying almost $2,900 more a year in rent compared with 12 months ago, PropTrack data reveals.

Dear Fellow Property Investor,

Melbourne renters are now paying almost $2900 more in rent than they were 12 months ago, new data has revealed.

According to PropTrack’s latest Market Insight Report, Melbourne rental prices have climbed by 10.6 per cent in the year to June 2024.

The median advertised rent increased by $55 a week over the last 12 months, meaning renters on average are having to pay $2860 more a year. 

Across the board, the median weekly cost of renting a home in Australia’s capital cities has increased by 10.3 per cent.

Renters in Sydney are paying the most ($740 a week), followed by Perth ($650), Brisbane ($620), Darwin ($600) and the ACT (also $600).

Despite the sharp increase over the past 12 months, Melbourne is the third-cheapest city in Australia to rent in ($575 a week), with Adelaide coming in at a close second ($570)

The cheapest place to rent is in Hobart, which recorded a median rental price of $510 a week over the last 12 months.

“Sydney remains the most expensive capital city to rent a home, with the median advertised rent rising 2.8 per cent over the quarter and 8.8 per cent year-on-year to reach $740 per week,” PopTrack said.

“Over the past decade, Perth has transitioned from being the most affordable capital city to rent to the second most expensive behind Sydney, with the median advertised rent hitting $650 per week in June.

“Hobart and the ACT were the only cities which saw rents decline over the quarter, however Hobart remains higher compared to 12 months ago while the ACT’s rental prices have held steady.”

Let me ask you something…

Do you have a game plan for 2024? 

Or will you watch savvy, educated, market-ready investors snap up all the bargains at the bottom of the Melbourne property cycle (which, in my opinion, already bottomed out in November 2022), again?

Or, will you join them? 

So, what are you waiting for? 

Reserve your place and join me and 55 like-minded property investors for the first Real Estate Investing Fast Track Weekend for 2024!

Click HERE to reserve your seat now!

Investors Prime

Interested in learning more about property investing in Australia? Please visit our main website InvestorsPrime.com.au for loads of free resources, articles, videos and more to help you on your investing journey.

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