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Where to get the most bang for your rental buck

The cheapest rents for homes and units and apartments occur in suburbs removed from the inner urban and central business district belts, shows research obtained by The New Daily.

The outer western suburbs of Melbourne and Sydney top the value-for-money category when it comes to rents in those major cities. The median average rent for a three-bedroom home at Bankstown, in Sydney’s outer west, is $480 a week while a one-bedroom unit or apartment in the same suburb will set the renter back $290.

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In Melbourne those looking for the most affordable rental property can head west to Werribee or Hoppers Crossing where the median weekly rental for a three-bedroom house is $290 a week, followed by Thomastown and Lalor in the outer north with a $320 price tag. A two-bedroom unit will cost you $250 a week in Sunshine and $260 a week in St Albans.

It's possible to land a bargain in North Adelaide.

It’s possible to land a bargain in North Adelaide.

In Brisbane, the best-priced rentals for a three-bedroom home are in Doolandella, Durack, Inala and Richlands where the median rent is $315 a week.

A two-bedroom unit in Rocklea will cost the renter $280 a week.

Cheaper rentals are available closer to the CBD in both Hobart and Adelaide. The former has three-bedroom homes in South Hobart for $350 a week while a two-bedroom unit in West Hobart will cost you $285 a week. In the Adelaide metropolis, houses can be rented for $290 in North Adelaide and units for $260 in the same suburb.

Three-bedroom homes can be rented for $450 a week in the Perth suburb of Lathlain (6.5km from Perth’s CBD), with the next best rental coming in at $490 in Como.

Rental prices are comparatively higher in Darwin.

A three-bedroom home can be rented for $670 in Fannie Bay.

A three-bedroom home can be rented for $670 in Fannie Bay.

A three-bedroom home can be rented for $670 in Fannie Bay while a two-bedroom unit in the same suburb will cost about $470.

PRDnationwide research director Asti Mardiasmo says the distances of the best-value suburbs from the CBDs vary from state to state.

“States that are experiencing higher property growth in their capital cities like Melbourne and Sydney are pushing out renters to areas further away from the CBD, more so than states that are experiencing steady or modest growth,” Dr Mardiasmo says.

“For example the best rental value in Queensland are suburbs such as Doolandella and Richlands, which are approximately 20km away from Brisbane’s CBD. Compare this with South Australia and Tasmania, where the best value rents can be found as close as 5km from the CBD in areas such as North Adelaide and South/West Hobart.

“Similar patterns of long distances to the CBDs before reaching lowest rental value are also evident in NSW and Victoria. This all makes sense logically, of course. However with the rise of renters, and ensuring there is enough public housing in inner urban areas, this may actually mean potentially higher living costs for those living in these outer areas due to higher petrol bills, more and longer public transport commutes and other associated costs.”

Dr Mardiasmo says those wanting to live closer to the city will naturally pay a premium price.

“If you want to live close to the CBD action in any of the major cities you are looking at anything up to a $1000 a week for a two-bedroom apartment,” she says.


realestateThis story was brought to you by The New Daily using data and other information from its real estate content partner, realestateVIEW.com.au

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