Melbourne tenants pay an average of A $430 a week to live near their place of work or school. (Domain pictures)
Melbourne tenants pay an average of A $430a a week to live near their place of work or school, according to Domain. Even if house prices in the city fall, rents are rising.
Melbourne`s median rent rose 1.8 percent in the year to March, according to the latest quarterly rental report from the Department of Health and Human Services (Department of Health and Human Services).
Even in remote areas of Victoria, median weekly rents rose 5.6 percent from a year earlier to A $320.
These increases exceed Australia`s 1.3% inflation rate.
It is reported that rental of a 2-bedroom bungalow, the most expensive weekly rent is Daclan (Docklands), is A $640A. The cheapest is that Melton (Melton), rents A $275 a week.
Renting a three-bedroom separate house, Melton`s weekly rent is also the cheapest, at A $325. The most expensive is that the Tula (Toorak), is A $1100.
By region, rents in Melbourne are an average of A $500 higher than elsewhere. (Mornington Peninsula) is the cheapest in the west, southeast and Monington, with median weekly rents of A $380.
Although weekly rents have risen, the number of renting house is declining. The total number of rented homes in Victoria was 61135, down 7.2 percent from March last year, according to (Residential Tenancies Bond Authority), the residential rental deposit authority. Vacancy rates were stable in most areas, with Melbourne remaining at 1.9 per cent.
Vacancy rates in remote areas of Victoria rose slightly, from 1.6% in March last year to 1.8% in the same period this year.
Smith (Jenny Smith), chief executive of (Council to Homeless Persons), the homeless association, warned that the homeless crisis could get worse as rents rose beyond the affordability of low-income people. Until Victoria has a sustained social and affordable housing investment.
