For many Aussies, owning a home is the ultimate dream. But the local real estate market is pretty crazy at the moment, and for some of us, home ownership isn't exactly on the horizon. This is why renting is often the way to go – and with the cost of living rising and wage growth continuing to stagnate, the share house life could be a reality for quite a while for many young Aussies.
But have you ever wondered how your weekly rent stacks up compared to other renters across the country? Well, now you can find out the answer. A survey of more than 10,000 people from across Australia by Flatmates.com.au has revealed the cheapest and most expensive suburbs in Australia to rent a room, calculated by the median cost that renters pay per week.
Unsurprisingly, the list of most expensive suburbs was entirely in New South Wales. After all, Sydney has an infamous reputation for having insanely high rent prices. Topping the list as the most expensive suburb in the country is Warriewood, a beachside suburb in Sydney's north, at $600 per week or $2400 a month. Yikes. For comparison, the most expensive suburb in Melbourne is St Kilda at $490 a week and the priciest Brissy suburbs are the CBD and Fortitude Valley at $400 a week. The next most expensive 'burbs in Oz to rent a room are Darling Point at $590, Sydney CBD at $575, Bondi Beach at $560 and Bondi Junction at $538. Has anyone checked if Sydneysiders are okay?
So it's safe to say, if you're looking for cheap rent, stay far away from the popular Sydney suburbs. But it's not all bad, because there are still plenty of spots Down Under where you can live in a nice low-cost locale. The cheapest suburb to rent a room in Australia is Hawthorndene, located in the Adelaide Hills, at just $140 per week. Next is High Wycombe in Western Australia and Tolmans Hill in Tasmania at $150 per week, followed by Torrensville and Davoren Park in South Australia at $165 per week. So it's looking like Adelaide, the city of churches, could be the place to be if you're looking to save your moola while renting!
But with the way the economy is heading, you'd better nab a cheap rental quickly, before everyone else catches on. The survey results found that more and more people are turning to share house living, amid the cost of living crisis and the tight rental market. Almost half of all respondents said the main reason they chose to live with others was simply because they couldn't afford to live on their own. This goes for both renters and homeowners, who are choosing to lease spare rooms to offset rising interest rates and financial challenges. Flatmates.com.au reported that the fastest-growing demographic of members on their site in the last year was the 55 to 64-year-old bracket, followed by the 65 to 74-year-olds.
"Australians are looking for new ways to navigate the rental crisis and tackle the rising cost of living," says Flatmates.com.au community manager Claudia Conley. "Over the past year, our audience has grown in size and diversity, and with the peak season for share accommodation at our doorstep, we expect demand for share house living to grow."
"Share accommodation is a long-term and legitimate way to live for many Australians, and until more homes are built to keep up with the demand for rentals, we expect share accommodation to remain popular."
So if you've got a good deal on your share house, consider yourself lucky. And if not, maybe it's time to pay a visit to one of these suburbs and see if you can nab a bargain rental – good luck! And hey, living in a share house isn't all bad – you've got live-in besties and there's always someone to binge-watch Netflix with. Now that doesn't sound too bad to us.