Sydney. A one-bedroom, city centre apartment costs an average of $2,556.66 per month in Sydney. The data also showed that costs including groceries, rent and restaurant prices were most expensive in Sydney and Darwin, while cities like Hobart, Cairns and the Gold Coast had some of the cheapest.
Housing in Australia can be expensive, especially in capital cities. Nevertheless, there are many different types of houses to choose from in the country, including single-family homes, apartments, units, and more depending on your and your family's needs and budget.
As of December 2021, the average price of a one-bedroom apartment in Melbourne is $350,000. A two-bedroom apartment costs $520,000 on average, while a three-bedroom costs $1,088,000.
Sydney unit data snapshot
The median unit rent in Sydney is $750 per week based on 1240 rental listings in the past 12 months—that's an increase of 20%. Rental demand has decreased by 9% in the same period. Find out more about property trends in Sydney with our market profile.
Spending around 30% of your income on rent is the golden rule when you're trying to figure out how much you can afford to pay. Spending 30% of your income on rent can help you reach a healthy balance between comfort and affordability. On a median income, 30% should get you an apartment you can truly call home.
Gold Coast is one of the cheapest places to live in Australia (89th globally). It is known for its high-standard education and academia and its budget-friendly living. International students will find the Gold Coast the perfect combination of study and social life, with its magnificent beaches and nightlife.
One-bedroom apartments can yield higher rental returns than larger spaces, especially if located in the inner-city (around CBD) and coastal suburbs, and since there is convenience in lower upkeep, they can be a great investment option, especially for beginners.
Thousands of Australians are struggling with the rising cost of living, and housing is one of the biggest expenses of them all. Renting became less affordable in every capital city over the past year, the latest Rental Affordability Index (RAI) report, released on Tuesday, shows.
Australia's house prices are among the highest in the world and according to the latest Demographia international housing affordability report for 2022, Sydney ranked second after Hong Kong as the least affordable city globally.
Providing documentation
Official photo ID like your passport and foreign driver's licence. Evidence you can afford the rent, such as recent payslips and bank statements. Proof of your employment in Australia, such as employment contract or reference.
Cost of living in Sydney
According to Numbeo, Sydney is the most expensive place out of Australia's seven major cities.
PropTrack economist Angus Moore says the record low comes down to low vacancy rates and lack of rental options. "The main reason that we're seeing rents grow as quickly as we are at the moment is that there just aren't a lot of rentals available," he said.
Australia's top 10 cheapest suburbs 2022
Andamooka in South Australia takes the title of Australia's cheapest suburb, with a median house price of just $20,000. Western Australia and New South Wales both have three suburbs respectively in the top 10, while Queensland and South Australia have an equal two each.
The average full salary in Australia is $77,483 per year or $39.73 per hour. Entry-level positions start at $58,730 per year, while most experienced workers make up to $134,367 per year.
While there's no hard and fast rule on how much you should spend on rent (the less the better - without sacrificing your health and safety), the sweet spot is generally 25% of your income, and ideally no more than 30%.
Melbourne homes cheapest to rent
Melbourne now takes the crown for the cheapest rental market, with a typical dwelling renting for $480 a week.
Melbourne is considered by some to be the best city to live in Australia, and has even been ranked as the world's most livable city more than once. It's home to a thriving live music scene, late-night bars and laneways dotted with cafés and coffee shops.
Moving to an apartment costs a lot less than buying a house (no down payment like buying a home). Also, logistics will cost less compared to moving into a home, and renters have a big relief since they don't pay HOA fees, like homeowners do.
If a short-term is your cup of tea, then any apartment from any top real estate builder will fetch you a steady rental inflow for 2 to 5 years. Henceforth you can just sell it off and invest in any other property of your choice. Thus, apartments are good investments even if you are on the lookout for a passive income.
Part of: Australia's welfare 2021
Governments across Australia fund services to support people who are homeless, or at risk of homelessness.
Canberra is the happiest capital of Australia, according to research.
Most affordable suburbs in 2022
Kambalda East in Western Australia was named the most affordable suburb for houses, with a median value of $118,525. For units, the most affordable suburb was Laguna Quays in Queensland, with a median value of just $72,076.