Australia’s housing market has been facing difficulties for quite a while now. The rental affordability has dropped dramatically in the past few years. Renting an apartment in major cities can be a struggle. Since 2005, the available real estate in Australia dropped to the lowest point. This increased rental prices.
Renting an apartment might be even harder with low income. However, good news is predicted by various financial institutions. In 2019, the real estate market in Australia is about to recover at a high rate. This means that renting real estate will become cheaper. Various factors affect changes in rental prices. There has been a decreased investor activity and consumer confidence has dropped. At the beginning of 2019, property buyers went on a strike that drove prices further down.
Real estate prices in different cities
Based on the median rent we have provided a list of the largest cities in Australia and the rental prices in these cities:
- The most affordable properties in Australia are in Perth. The average rental price here is 385 AUD per week;
- Currently, the median weekly rent in Adelaide is 386 AUD per week;
- Median weekly rent value in Brisbane is about 436 AUD;
- Hobart’s rent prices have gone up recently. Now they are about 453 AUD per week;
- To rent a dwelling type home in Melbourne, you will have to pay about 454 AUD per week;
- In Darwin, the prices are only a little higher than in Melbourne. Here the median weekly rent is 458 AUD;
- The national capital is the second most expensive city in Australia. Here the average weekly price is 550 AUD per week;
- With a median weekly rent of 582 AUD, Sydney is the most expensive city to live in.
Property types
There are different types of properties available on Australian real estate market. Here is a list of property titles and what they stand for:
- Units – Townhouses and semis. These property types usually have 2 stories and a small courtyard;
- Units – Apartments and condominiums. This is another type of unit. They have a lower price and required maintenance. Sometimes they can consist of up to several hundreds of units in one building;
- Houses are valuable property types in Australia. They have a lawn or a garden;
- Dual Occupancy / Auxiliary. This property type has two separate living spaces. They also have separate entrances. Usually they have one common wall.
Finding the right property
It is important to understand how to find and apply for a rental property in Australia. Finding the right property is the most important step.
The most common way of looking for a property in Australia is to search online. Set specific criteria on what you are looking for. First, decide on what kind of property you want to rent. Let’s assume you decide on renting an apartment in Australia. Decide where in Australia you want to live. The most common criteria are the location, number of rooms, size, and the renting cost of this property.
Finding a real estate agent in Australia is another option. If you don’t want to go through the hustle of looking for a property online, this might be an easier way.
Evaluating the property
Gain an understanding of the current market situation to know if the offer is of good value. By going through all the available property rental options online, you will get a clear picture of the available offers in Australia.
It is advised to inspect the chosen property before deciding to apply and sign a lease. Some properties that are advertised online will have a specific inspection time. Alternatively, you can contact the property manager or a real estate agent to set an inspection time. It is a good idea to arrive early since other people might be interested as well and the time may be limited.
Inspecting a property
Decide on what you want to see before heading to a real estate inspection. You might want to look for several different features. These might be some of the following.
- Is it available? How big it is? Is located conveniently?
- Heating and air-conditioning. Does it run on electricity or gas? Where it is located? Is the property insulated?
- Natural light. Is there enough natural light? Where the windows are located?
- Is it fully equipped? Is there enough space?
- Is there a bathtub, a shower, or both? How many bathrooms this property has?
- Is it furnished? Will your furniture fit?
- Is it well maintained? Might there be necessary repairs in the future?
Applying for a rental property
You will need to submit an application when applying for a rental property in Australia. This involves filling out a form and give all the necessary details that your property manager requires. To give yourself the best chance to get accepted, provide as many details as possible.
There might be many other parties that are interested in the same property as you. Real estate agents in Australia usually look for proper identification. Some background information about you might be required. They might also want to go through your renting history. This provides your track record of paying on time.
Employment is another thing a real estate agent will want to know about you. This is how they ensure that you can afford to rent the property. For further improving your chances to be accepted, provide references from your previous property managers or employers.
Living in Australia
Living in Australia can be a great cultural journey. To get the best experience in Australia, you might want to read on these guides as well:
Australia is a great country that will leave you with many new and interesting experiences. Therefore, it is a great idea to pack your bag and visit the country.