Revealed: Australia’s 10 most unaffordable postcodes to rent
Think your rent is expensive? Spare a thought for the folks living in Australia’s most unaffordable postcodes.
When it comes to feeling rental pain, some Aussies have it worse than others.
And, according to the latest release of the Rental Affordability Index (RAI), those living in Sydney’s north have it worse than anywhere else in Australia.
The most expensive rental postcode is 2061, which includes Kirribilli — where Prince Harry and Meghan stayed on their recent visit to Australia — and Milsons Point.
MORE NEWS: Bruce Willis finally sells Idaho ski home
Donald Trump’s first mansion for sale
The biannual index is an indicator of the price of rents relative to household incomes based on new rental agreements.
And, generally, speaking, an RAI of 100 and below shows that households would be required to spend at least 30 per cent of their income on rent.
And an RAI of 100-120 still indicates that households are facing moderately unaffordable rents.
The most unaffordable postcode in Australia, according to the index — 2061 — scored an astonishingly low RAI of 56 in the latest figures (which are based against the average Australian household with an annual income of $80,000).
Renting in these waterside suburbs is certainly not affordable for the average punter, and according to CoreLogic the median rent on a house in Kirribilli is $1400 per week, while in Milsons Point it’s an eye-watering $850 per week for a unit.
With an RAI of 58, the 2075 postcode (which includes St Ivs and St Ives Chase) is the second most unaffordable place in the country to rent.
CoreLogic has the median rent for a house there pegged at $1075 per week, and for a unit at $630 per week.
Still in Sydney, Pyrmont (postcode 2009) is next in line, with an RAI of 59 and median weekly house rents of $800, and units for $750.
On the same RAI score is the eastern suburbs postcode of 2027 — which includes Point Piper, Edgecliff and Darling Point.
Rozelle (postcode 2039) rounds out the top five, with an RAI of 60.
The next four postcodes are also in NSW — 2022, 2068, 2024, and 2095 — with the city’s eastern suburbs and north shore dominating the list.
The only non-NSW postcode to crack the top 10 was Melbourne’s exclusive Brighton East (postcode) 3187.
The lifestyle suburb attracts a median house rent of $755 per week, and the average unit will set you back $630 per week.
10 MOST UNAFFORDABLE POSTCODES TO RENT IN AUSTRALIA
1. 2061 (Kirribilli and Milsons Point). RAI 56
2. 2075 (St Ives). RAI 58
3. 2009 (Pyrmont). RAI
4. 2027 (Point Piper, Edgecliff and Darling Point) RAI 59
5. 2039(Rozelle) RAI 60
6. 2022 (Queens Park, Bondi Junction)
7. 2068 (Middle Cove, Castlecrag, Willoughby)
8. 2024 (Bronte, Waverley)
9. 2095 (Manly)
10. 3187 (Brighton East)
Originally published as Revealed: Australia’s 10 most unaffordable postcodes to rent