NEW: Best Buys Suburbs Under $500k

Top 5 Markets For Renters

Not every rental market in Australia is out-of-reach. We have looked for markets (based on a statistical area 3) that offer affordability and have an increasing count of vacancies.

The first measure is affordability. This looks at the percentage of average household income allocated to rent each week. Anything over 30% is considered unaffordable. Next is vacancy rates. This looks at the number of rentals still advertised for 21 days or more as a percentage of rentals managed by real-estate agents in the area. Anything below 1.5% is a tight market making the search harder for renters. The last measure used in the change in the number of properties listed for rent for over 21-days. If this is increasing it tells us that market conditions might be shifting in favour towards renters.

Here are the top 5 markets for renters right now;

1. Melton - Bacchus Marsh

  • Affordability: 21%
  • Vacancy rate July 2022: 2.4%
  • Change in the number of vacancies in the last 3M: +10%

Suburbs in this Sa3 include Bacchus Marsh – Brookfield – Burnside – Burnside Heights – Caroline Springs – Coimadai – Darley – Exford – Eynesbury – Hillside – Hopetoun Park – Kurunjang – Long Forest – Maddingley – Melton – Melton South – Melton West – Merrimu – Pentland Hills – Plumpton – Ravenhall – Rockbank – Taylors Hill – Toolern Vale

2.Blacktown - North

  • Affordability: 24%
  • Vacancy rate July 2022: 2.0%
  • Change in the number of vacancies in the last 3M: +13%

Suburbs in this Sa3 include Acacia Gardens – Colebee – Glenwood – Kellyville Ridge – Marsden Park – Parklea – Quakers Hill – Riverstone – Schofields – Shanes Park – Stanhope Gardens – The Ponds – Vineyard

3. Tullamarine - Broadmeadows

  • Affordability: 25%
  • Vacancy rate July 2022: 1.6%
  • Change in the number of vacancies in the last 3M: +1%

Suburbs in this Sa3 include Attwood – Broadmeadows – Bulla – Campbellfield – Coolaroo – Craigieburn – Dallas – Gladstone Park – Greenvale – Jacana – Kalkallo – Meadow Heights – Melbourne Airport – Mickleham – Roxburgh Park – Somerton – Tullamarine – Westmeadows – Yuroke

4. Gladstone

  • Affordability: 23%
  • Vacancy rate July 2022: 2.3%
  • Change in the number of vacancies in the last 3M: +10%

Suburbs in this Sa3 include Agnes Water – Ambrose – Baffle Creek – Barney Point – Beecher – Benaraby – Berajondo – Bororen – Boyne Island – Boyne Valley – Boynedale – Bracewell – Burua – Callemondah – Calliope – Captain Creek – Clinton – Colosseum – Curtis Island – Darts Creek – Deepwater – Diglum – East End – Euleilah – Foreshores – Gladstone Central – Gladstone Harbour – Glen Eden – Iveragh – Kin Kora – Kirkwood – Lowmead – Machine Creek – Miriam Vale – Mount Alma – Mount Larcom – Mount Maria – Mount Tom – New Auckland – O’Connell – Raglan – River Ranch – Rodds Bay – Rosedale – Round Hill – Rules Beach – Seventeen Seventy – South Gladstone – South Trees – Sun Valley – Tannum Sands – Taragoola – Targinnie – Taunton – Telina – Toolooa – Turkey Beach – West Gladstone – West Stowe – Wooderson – Wurdong Heights – Yarwun

5. Bowen Basin - North

  • Affordability: 20%
  • Vacancy rate July 2022: 2.8%
  • Change in the number of vacancies in the last 3M: +18%

Suburbs in this Sa3 include Blue Mountain – Bogie – Bowen – Carmila – Clairview – Clermont – Collinsville – Coppabella – Dysart – Glenden – Gumlu – Guthalungra – Ilbilbie – Kilcummin – Lotus Creek – Mackenzie River – May Downs – Middlemount – Moranbah – Mount Britton – Mount Coolon – Nebo – Oxford – Scottville – Springlands – St Lawrence – Strathfield – Valkyrie – Wolfang

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