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Why Melbourne is now one of the cheapest Australian cities for renters

3AW Breakfast
Article image for Why Melbourne is now one of the cheapest Australian cities for renters

Melbourne, for the first time on record, is one of the cheapest Australian cities for renters.

Melbourne’s median house rental price is $430, on par with prices in Adelaide.

Meanwhile, the median rent for a unit in Melbourne is $365, slightly higher than the $350 average in Adelaide.

Domain chief of research and economics, Dr Nicola Powell, says unit rental prices in inner Melbourne are now the same as they were in 2010.

“Units in inner Melbourne have fallen $130 a week from their peak in March last year,” she told Stephen Quartermain and Emily Power, filling in for Ross and Russel.

The fall in international migration due to COVID-19 explains the drop.

“It really is the overseas migration, which has obviously collapsed, and the foreign student population,” Dr Powell said.

“I think tenants should be using these lower rents to negotiate.”

But Dr Powell says the low prices aren’t expected to last, with demand and prices tipped to surge once borders reopen.

Press PLAY below to hear more about why Melbourne’s rents have fallen so much

 

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