Last year, rents in some suburbs of Sydney soared by 13%, and tenants in Edgecliff in the eastern suburbs were the most affected group during the surge. Melbourne's Thornbury rose the most, with an increase of more than 12%.
According to the latest data from Run Property, tenants in Sydney are currently paying 60 yuan more per week than a year ago. Last year, Sydney's Edgecliff, Randwick, Ryde, Newtown, Surry Hills and Neutral Bay all saw rent increases of more than 10%. Edgecliff tenants were hit hard by a 13.1% price increase.
The situation in Melbourne will not be much better, as rents in suburbs such as Thornbury, Oakleigh, Fairfield, Carlton North, South Yarra, Kew and Melbourne East have all increased by at least 9%, with Thornbury rising the highest, reaching 12.2%.
In contrast, the tenants in Brisbane should be shouting long live, the city's weekly rent rose by only 3.4%, which means that they pay 11 yuan more per week.
Rob Farmer, CEO of Run Property, said that rising rents show that investing in housing is still an effective way to make money. "People are beginning to return to the real estate investment market, especially as the buyer's market is relatively weak at the moment, so there are opportunities to buy houses."