A new research has revealed the country’s most expensive suburbs and the top ten are unsurprisingly all in Sydney. Renters in the harbour city are paying up to $600 per week to rent a single room in the city with 9 out of the 10 suburbs costing over $500. The results were based on a survey of more than 10,300 respondents by Flatmates.com.au, one of Australia’s biggest share accommodation sites. Warriewood on the northern beaches was the most expensive spot to share a house at $600 per week followed by Darling Point at $590 per week and Sydney CBD at $575 per week. Melbourne’s St Kilda was the only suburb outside of Sydney to make the list at number ten tying with Sydney’s Rose Bay at $490 per week.
Additionally, the survey found that 48% of renters were renting a share house because they couldn’t afford to live alone and 23% of respondents entered the share accommodation market for the very first time in the last 12 months.
It’s not just the younger working population that is dealing with the increasing cost of living crisis. The data found that older Aussies are also resorting to share houses with people aged between 55 and 64 the fastest-growing demographic at 21%, followed by those aged 65 to 74 at 13%.
Most expensive suburbs to rent in Australia
- Warriewood, Sydney — $600 per week
- Darling Point, Sydney — $590 per week
- Sydney CBD — $575 per week
- Bondi Beach, Sydney — $560 per week
- Bondi Junction, Sydney — $538
- Bronte, Sydney — $500
- Cremorne, Sydney — $500
- Erskineville, Sydney — $500
- Manly, Sydney — $500
- Rose Bay, Sydney and Saint Kilda, Melbourne – $490
Until the worsening rental crisis is dealt with and the cost of living pressures eased, the demand for share houses will remain high across all age groups, the survey noted.