Bad news, Sydneysiders.
It’s been revealed today average income earners in Sydney are being cut out of the rental market, with rising prices leaving many unable to afford rent in the Harbourside city. Data collected in Australia’s first Rental Affordability Index shows some low income families are spending up to 65% of their weekly household income on the roof over their head.
Whilst no one was surprised Sydney is the country’s most unaffordable city for rental accommodation – after all, this is the city where an outdoor carpark recently sold for $120, 000 – we thought it was worth investigating just what $350 a week in rent will get you throughout the country.
Well, this is a win for the Melbourne vs Sydney debate as it turns out Melbourne rent is significantly cheaper than in Sydney.
For $345 a week (that’s right, we found a place FIVE DOLLARS under budget) you can find yourself a one bedroom, one bathroom apartment in the heart of the city.