Apartment Rentals Australia: Why the rent is listed on per week basis and not per month? Because there are 52 weeks in a year and only 12 month. 52 divided by 12 does not give you an even number of weeks, thus some months have four weeks, some five.
rent is paid weekly, in which case they can only ask for 14 days' rent in advance.
Lots of people in Australia get paid weekly, so for them, it is easier to pay their rent weekly. My corporate jobs in Oz pay fortnightly, So it is up to the renter to decide whether they pay his rent in advance or weekly. The landlord doesn't care, as long as your rent is not in arrears.
Average rent around the country
The median weekly rent in Australia looks dramatically different depending on whereabouts in the country you live. A 2023 CoreLogic rental report lists the median weekly rent as $570 across all dwellings, or $594 in capital cities.
While the rental crisis continues unabated across the country, it can look and feel different from city to city. According to the most recent CoreLogic data, the median rent for all dwellings across the country is $577 a week, and $603 in capital cities.
Sydney is the most expensive cities for renters with the median unit price coming in at $670 per week, followed by Canberra ($550 per week), Brisbane ($530 per week), and Darwin ($515 per week).
Most experts agree that you shouldn't spend more than 30% of your after-tax pay on rent. Of course, depending on your location, your income and your other expenses, keeping your rent to 30% of your income may not always be possible.
Analysts say open borders and increased migration have driven demand for real estate – and increases in rental prices. What matters for rents, as for any price, is the demand for and the supply of the product being priced. More demand (more renters wanting properties) and the price climbs.
Canada has a lower cost of living than Australia since the latter has higher housing taxes and slightly more expensive food and other miscellaneous expenses. Canada is slightly more affordable than Australia.
In 2023, it is predicted that rent prices will continue to increase due to the low rental vacancy rates and high demand for rental properties caused by vacancy rates and seasonal fluctuations. Low vacancy rates can typically lead to higher rents as landlords have the advantage.
If you are in breach of agreement solely for rent arrears and the landlord/agent wants to end your tenancy, they can give you a non-payment termination notice (see below). The rent must remain unpaid for 14 days or more before they can give you this notice.
The first one is the 30% rule. That's where you spend no more than 30% of your income on rent. So, if you're earning $1,000 a week, you'd want to spend $300 or less on rent.
If the tenant pays rent in cash, or requests a receipt when paying by cheque, the property manager/owner must provide a receipt; it is an offence not to do so.
How often will I be paid? You will get your wage weekly (every week), or once in 2 weeks (fortnightly). Your employer has to pay tax and superannuation on behalf of you. You can ask for your money from tax every end of financial year (July) and from superannuation fund after you have already left Australia.
What is rental stress? Rental stress is often defined as households paying more than 30% of their income in rent. But this can be misleading, as many high-income households pay rents above this level without encountering financial difficulty.
Domain's rent report for the December 2022 quarter shows the average weekly rental for a house in Perth rose 6 per cent to $530, and 15.2 per cent year-on-year, the highest increase across the nation's capitals.
Australia and Canada have similar levels of GDP per capita (based on purchasing power parity, nominal GDP per capita was around US$ 7 000 for Australia and US$ 9 000 for Canada in 008). Since 1990, Australia's growth in real GDP per capita has been a little higher than Canada's.
Housing, transportation, food and drink, and healthcare are the major expenses to consider when comparing the two countries. While the cost of living in Australia is generally higher than in the UK, it offers a high quality of life and a great lifestyle.
Why are Australian houses so expensive? Australian house prices have been steadily rising year on year as a growing population lifts demand for housing while supply has not kept up with the requirement. A decline in interest rates over the last two decades has also boosted the number of buyers in the market.
Supply and demand imbalance
One of the primary reasons for high house prices in Australia is the imbalance between supply and demand. Housing supply is under ongoing strain due to an increasing population and a limited land supply, particularly in large cities like Melbourne and Sydney.
Australia's current housing crisis is driven by the nation's unique demographics and a shortage of available residential land near jobs and services, with the impact of interest rates and government homebuyer subsidies often overstated.
The average annual salary in Australia is $68,900 and $35.30 per hour. It is just the average salary for basic workers but skilled and experienced workers also earn around $108,980 annually. The average salary also varies depending on the field of work and the job role of workers.
The National Minimum Wage
This is the minimum pay rate provided by the Fair Work Act 2009 and is reviewed each year. As of 1 July 2023 the National Minimum Wage is $23.23 per hour or $882.80 per week.
It has become noticeably more difficult for Australians to find new rentals in 2023, with only 1.4% of Sydney rental accommodation available for lease at the end of November 2022; around half of the supply available at the same time the year before.