Renting a house in Sydney will cost tenants about $200 more a week than it would in Melbourne, new data shows.
In the final quarter of 2023, the median price for a rental house in Sydney jumped to $750 a week according to PropTrack data.
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In Melbourne, the median asking priced remained unchanged $550 a week, meaning the cost difference to rent in the two major cities is over $10,000 per year.
Unit costs in Sydney also rose $100 to $680 a week, while all dwellings in Sydney cost $100 more a week, with the median price now $700.
The PropTrack data showed the demand for rental properties in Sydney outweighed the amount listed, prompting the median advertised rental price to rise by 16.7 per cent in 2023.
“We are heading into the new year with a similar story across Sydney,” PropTrack senior economist Angus Moore said.
“We are seeing strong growth in rents which are growing by double digits across houses and units. That’s extremely, extremely quick and driven by the fact there’s not that many available rentals. Vacancy rental rates in December were below 1.5 per cent.”
For renters in regional New South Wales, the weekly cost is somewhat better, with houses and units staying at $520 a week over the last quarter.