7 MOST EXPENSIVE RENTAL SUBURBS IN AUSTRALIA
The cost of having a roof over our heads has never been higher, it seems. No matter whom you talk to, you will hear tales of woe about growing house prices and rents. Are you one of them? Do you think you pay way too much for your housing needs? Well, here are a list of ten suburbs in Australia that get all bragging rights when it comes to being the most expensive in the country. Don’t take our word for it. RP Data says so.
1. Port Hedland, WA
This little town is located 1700 kilometres from Perth, and yet it gets top billing in terms of housing costs. Why? It’s an economic powerhouse, and it currently exports 200 million tonnes of iron-ore from its port each year. If you want to rent a property in Port Hedland, you will be looking to pay $1775 per week. What’s that? Did you say that’s double your pay? Well, ours too! If you’re an owner here, though, watch the dough roll in at a rental yield of 9.3%.
2. Mosman, NSW
Mosman is on the northern shores of Sydney Harbour, and though it’s situated eight kilometres from the CBD, it doesn’t matter. Whoever has complained about a beach not being close to the city? Tourist attractions are only a stone’s throw away, and so are exquisite beaches. A rental price of $1500 a week, and a yield of 3.2%, which is not quite 9.3% but is still handy.
3. Newman, WA
Another mining town. Newman is home to the world’s biggest open-cut iron ore mine. It’s fondly called the ‘Gateway to the Western Desert’. It’s situated 1200 kilometres from Perth’s CBD, but hey, who’s counting? As a tenant you will have to fork out $1500 a week, whereas an investor can count on a 10% rental yield. Go and make merry!
4. South Hedland, WA
This area only has 10,000 people right now, so it would not count as a big city yet. But the median rent is still quite high at $1350, and a rental yield of 8.8% means that you should move in with the cash as quickly as you can – if you have it.
5. Woollahra, NSW
If you live in Woollahra, you are close to Bondi junction and only five kilometres off Sydney’s sprawiling CBD, which gives you the best of both worlds: suburban cosiness and city action. The area is known for its Victorian style homes, so if you’d like to live in one, all you need to have is a wallet that fills up automatically every week by $1300.
6. Baynton, WA
The mining region of Pilbara houses this town which boasts of the region’s largest shopping centre. Like all mining towns, Baynton is quite popular with those in the export industry, and demands a rent of $1200 per week. If you’re a lucky owner, you’re looking at a rental yield of 8.2%. Not bad, eh?
7. Seaforth, NSW
If you have a family, Seaforth is the place for you. Parks, playgrounds, waterfront views of Sugarloaf Bay and Middle Harbour – no matter what’s on your checklist as a family, Seaforth will probably have it. A home will cost around $1095 per week in rent, with a yield – if you’re looking to buy – of 3.5%.