Hobart has become Australia`s most affordable rental city. (photo by Daily Mail)
Hobart has become Australia`s most affordable rental city, with the largest share of residents` income paying rent, according to a new index report released recently, according to Daily Mail and property website Realestate.
Hobart`s average income at the end of last year was A $61300, of which 29 percent went to rent, more than Sydney, according to the latest housing affordability index, (Rental Affordability Index).
Sydney`s average income is A $98500, 27% of which goes to rent. However, Sydney`s affordability is slightly higher than it was six months ago, when 29 percent of the city`s income was used to pay rent.
Hobart overtook Sydney to become Australia`s hardest-to-rent city.
Twenty-six percent of Adelaide`s income goes to rent. Affordability in the city and Sydney is considered to be "moderately unaffordable".
In addition, Perth overtook Canberra as the most affordable city for rental housing in Australia, where the share of income used to pay rent fell to 21 percent from 23 percent. Canberra`s rent accounts for 23% of residents` income, compared with 25% in Brisbane. Affordability in these three cities is considered to be "acceptable".
Melbourne residents, on average, spend nearly 1 / 4 of their income on rent. (photo of property website Realestate)
Melbourne`s rent is also "acceptable". In the final quarter of 2017, the average income of residents in the city was A $88,399, of which an average of 24 percent was required to pay rent.
According to the housing affordability index, rents in Melbourne`s inner city expanded in 2017, with rents falling in the cities of Aalto, (Altona), Koburg, (Coburg), Heidelberg (Heidelberg) and Oakley (Oakleigh). The proportion of residents` income spent on rent has risen from 20% to 25% to 30%.
Brighton East (Brighton East) has become Melbourne`s hardest-to-afford city, with 42% of its income going to rent. Close behind are residents of Bomaris (Beaumaris) and Blackcrock (Black Rock), who spend 40% of their income on rent. Albert Park (Albert Park) and Central Park (Middle Park) accounted for 39 percent, Brighton and Monterey (Mt Eliza) 38 percent, and Port Melbourne (Port Melbourne) 36 percent.
Melbourne, on the other hand, has seven of the most affordable urban areas, with 18% of its residents` income being used to pay rent. These are (Mount Evelyn), Doveton (Doveton), (Eumemmerring), Melton (Melton), (Mount Evelyn), Mount Evelyn. Melton East (Melton West), Curujan (Kurunjang) and Lancfield (Lancefield).
