for-sale-sign-residential-no-logo-feature
Image: The Property Tribune, Henry Thai.
  • Median weekly rents ranged between $285 to $330
  • Average weekly household income for those suburbs were between $1,135 to $1,816
  • No houses made the top 10, with all properties being units

Rental vacancy rates for residential property have hit a 16-year low due to constrained stock fuelled by the lack of property investors over the past five years, according to research by Property Investment Professionals of Australia (PIPA).

SQM data shows a similarly stark picture, with the national vacancy rate currently 1%. It was 1.9% this time last year.

National

Research commissioned by HOOD.ai whittled down the suburbs for renters on average salaries.

The research excluded suburbs with an SA3 region more than 100 kilometres from a capital city CBD and suburbs with a low socio-economic status as measured by having a SEIFA socio-economic score of less than 5.

SA3 and SEIFA are definitions from the Australian Bureau of Statistics determining a cluster of suburbs, and relative socio-economic advantage or disadvantage, respectively.

For the top 10 rental markets, median weekly rents ranged from $285 to $330, while
household incomes ranged from $1,135 to $1,816.

Top 10 suburbs to rent in on an average salary

Rank State Suburb Postcode Type Median weekly rent Distance to CBD*
1 VIC Caulfield East 3145 Unit $285 14km
2 VIC Gardenvale 3185 Unit $290 14km
3 VIC Kingsville 3012 Unit $300 8km
4 SA Plympton 5038 Unit $320 6km
5 SA Camden Park 5038 Unit $320 6km
6 VIC Manifold Heights 3218 Unit $320 68km
7 SA Glenelg North 5045 Unit $325 11km
8 VIC Heatherton 3202 Unit $325 24km
9 WA Wembley 6014 Unit $330 0km
10 WA Osborne Park 6017 Unit $330 4km

* ‘Distance to CBD’ is not the average distance of the suburb to the CBD but the average distance of the suburb’s ‘SA3 region’ (a technical term the Australian Bureau of Statistics uses to define a cluster of suburbs) to the CBD.

Top 10 affordable suburbs to rent in, details

Caufield East

Median weekly rent $285
Vacancy rate 3.3%
Average weekly household income $1,272
Distance to CBD* 14km
SEIFA socio-economic score** 9

Gardenvale

Median weekly rent $290
Vacancy rate 3.5%
Average weekly household income $1,509
Distance to CBD* 14km
SEIFA socio-economic score** 10

Kingsville

Median weekly rent $300
Vacancy rate 3.7%
Average weekly household income $1,665
Distance to CBD* 8km
SEIFA socio-economic score** 9

Plympton

Median weekly rent $320
Vacancy rate 0.0%
Average weekly household income $1,175
Distance to CBD* 6km
SEIFA socio-economic score** 5

Camden Park

Median weekly rent $320
Vacancy rate 0.4%
Average weekly household income $1,135
Distance to CBD* 6km
SEIFA socio-economic score** 5

Manifold Heights

Median weekly rent $320
Vacancy rate 1.3%
Average weekly household income $1,419
Distance to CBD* 68km
SEIFA socio-economic score** 8

Glenelg North

Median weekly rent $325
Vacancy rate 0.7%
Average weekly household income $1,408
Distance to CBD* 11km
SEIFA socio-economic score** 9

Heatherton

Median weekly rent $325
Vacancy rate 0.5%
Average weekly household income $1,816
Distance to CBD* 24km
SEIFA socio-economic score** 9

Wembley

Median weekly rent $330
Vacancy rate 0.8%
Average weekly household income $1,770
Distance to CBD* 0km
SEIFA socio-economic score** 10

Osborne Park

Median weekly rent $330
Vacancy rate 1.0%
Average weekly household income $1,207
Distance to CBD* 4km
SEIFA socio-economic score** 5

** ‘SEIFA socio-economic score’ is an Australian Bureau of Statistics measure that ranks
areas in Australia according to relative socio-economic advantage and disadvantage. If a suburb has a score of 5, it means it’s in the fifth decile (i.e. 41-50%) in terms of its
socio-economic position.

~~

Top 10 suburbs to rent in on an average salary

  1. Caulfield East, VIC
  2. Gardenvale, VIC
  3. Kingsville, VIC
  4. Plympton, SA
  5. Camden Park, SA
  6. Manifold Heights, VIC
  7. Glenelg North, SA
  8. Heatherton, VIC
  9. Wembley, WA
  10. Osborne Park, WA
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