Switching to a ‘sister suburb’ could halve your weekly rent
19 SEP 2018
New data from realestate.com.au has revealed renters in capital cities could save hundreds of dollars per week by moving to a ‘sister suburb’ on the opposite side of the CBD.
For example, renting in prestigious Bellevue Hill, 5km from Sydney, costs a median weekly rent of $2,500. Just 5km from the CBD on the western side, Leichhardt attracts a median weekly rent of $795 for a house.
In Melbourne, moving from Toorak in the east to Kensington in the west could save up to $540 per week for a house within the same distance of the CBD.
A short commute, within 10km of the city, is the main driver for renters to live in affluent inner-city suburbs, although factors such as access to amenities, schools and quality housing also make a difference.
Young professionals moving into relatively cheap inner-city areas is the first step of gentrification – which means moving sooner rather than later would maximise potential financial benefits.
“We see this everywhere: young people sticking close to the city but finding much better deals in another location,” says Nerida Conisbee, realestate.com.au’s Chief Economist.
“Another thing to listen out for is infrastructure projects being announced. We’ve seen in western Sydney how that can affect rental prices.”
Here are the top three sister-suburb relocation, within 10km of each capital city centre, that could save you hundreds of dollars a week:
Forrest to Dickson
Roughly 3km south of Canberra’s CBD, leafy Forrest is a popular spot for families and professional couples. It’s a stone’s throw away from Parliament House and within walking distance of some of the country’s top-performing schools.
Dickson, in the north, is just as close to the CBD, but costs renters $645 less a week.
The median weekly rent in Forrest is $1,190; in Dickson, it’s $545.
Griffith to Dickson
Just like its neighbouring suburb Forrest, Griffith is populated with the families of well-heeled professionals and government workers.
Only 4-5km out of the CBD, the suburb has a median weekly rent of $840, meaning a move from Griffith to Dickson could save you up to $295 a week.
Deakin to Hackett
Only 4-5km south-west of the CBD, Deakin boasts plenty of greenery and lots of large houses. With a weekly median rent of $750, the leafy suburb is also mainly inhabited by professional couples and families.
Venture a similar distance north-east of the CBD and you’ll find yourself in Hackett, a suburb named after a well-known newspaper man. A week’s rent here will set you back roughly $620, making it $130 cheaper than its south-western counterpart.
Bellevue Hill to Leichhardt
Named after its beautiful ocean views, the eastern suburb of Bellevue Hill has previously been home to former Australian prime ministers, business magnates, test cricketers and Aussie rules footballers.
It boasts a median weekly rent of $2,500.
Meanwhile, in Leichhardt, just 5km west of Sydney’s CBD, the median weekly rent sits at a far more reasonable $795. The move west could therefore save renters $1,705 every week.
A harbourside location within 2-3km of the CBD, Darling Point seemingly has it all. Which is why its current median weekly rent is an eye-watering $2,375.
That figure would drop to $828 if you were to head 4km west of Sydney’s CBD to Rozelle. Here, locals take in the fresh ocean air at nearby King George Park, or grab themselves a vintage bargain at the weekly Rozelle Collectors Market.
Nielsen Park in moneyed Vaucluse might be a great spot for a picnic and a harbour swim, but moving to Rodd Point would cut down your commute, and save you $1,395 a week in rent.
The prestige eastern suburb has a median rent of $2,095; its western counterpart, a median of $700.
Residents of Fannie Bay may enjoy some of the best ocean views in Darwin, but they pay $310 more in weekly rent than their neighbours in nearby The Narrows.
Despite both suburbs being within 5km of the city, Fannie Bay residents pay a median weekly rent of $750, while renters in The Narrows pay $440.
Moving from Marlow Lagoon to Tiwi, 14km north of Darwin CBD could save you $210.
The median weekly rent in Marlow Lagoon is $695; in Tiwi, it’s $485.
Cyclists renting in Marrara would do well to make the move to Millner. Not only could it save them $190 every week in rental payments, it would bring them much closer to Darwin’s only velodrome.
The median weekly rent in Marrara is $630; in Millner, it’s $440.
Located in the idyllic rural region of Moreton Bay, Samford Valley isn’t exactly short of admirers. And its residents would be unlikely to entertain a switch to Woodridge. But if a short commute to Brisbane was their primary concern, they might be enticed by Woodridge’s median weekly rent, which is $440 cheaper than Samford Valley’s median.
A week’s rent in Samford Valley would set you back $750; in Woodridge, $310.
Unsurprisingly, the exclusive acreage of Pullenvale is towards the top of the list when it comes to rental prices in Brisbane. It’s located 15km in the opposite direction is Chandler, which is home to a number of sporting venues that were used for the 1982 Commonwealth Games.
Pullenvale residents pay a median weekly rent of $775, while their Chandler peers pay $450.
Despite its agricultural name, New Farm is in fact an inner-city suburb roughly 2km from Brisbane’s CBD. It lays claim to the city’s highest population density and has a median weekly rent of $750. The median weekly rent in its western sister is $550.
Serviced by buses to esteemed private schools and boasting plenty of greenery, Craigburn Farm is a highly sought-after suburb, 13km south of Adelaide’s CBD.
Unsurprisingly, it’s also relatively expensive to rent here. The suburb has a median weekly rent of $640.
Meanwhile, its northern sister suburb, Pooraka, has a median weekly rent of $335. Which means this move could save you $305 a week.
Like Craigburn Farm, Urrbrae is also found south of the city – 7km south-east, to be precise. Scottish for “our valley,” Urrbrae comes with a median weekly rent of $598.
Roughly 6km north-west of the CBD is the suburb of Beverley, which is home to the Adelaide Arena and has a median weekly rent of $360.
Making this switch could see you add $238 to your weekly savings.
Leafy Rose Park is only 3-4km east of Adelaide’s CBD.
It has a median weekly rent of $595, which is $233 more than the $363 it costs on average to rent a place for a week in West Richmond, Rose Park’s sister.
Only 9km south-east of Hobart’s CBD, Tranmere enjoys commanding views of the city’s skyline from across the Derwent River. Its median weekly rent is $513, which is $133 more than Montrose, its northwestern sister.
Move away from Tranmere and the financial benefits of moving to an inner-city sister suburb decrease significantly.
Three kilometres from the city centre, the inner north-eastern suburb of Rosny has a median weekly rent of $495. A move to its south-western sister, South Hobart, likely wouldn’t save you much at all, with the median weekly rent here coming in at $450.
The egalitarian pricing of commuter suburbs in Hobart is even more pronounced when you compare south-eastern Battery Point with north-western North Hobart.
The former suburb’s median weekly rent is $520; the latter’s is $490.
Toorak to Kensington
It should come as no surprise that Toorak is on this list. The south-eastern suburb has long been the exclusive preserve of the rich and famous – where townhouses are regularly sold for prices that run into the tens of millions.
The median weekly rent in Toorak is $1,100. A move to its sister of Kensington, where the median weekly rent is $560, could save you up to $540 in rent every week.
Brighton to Pascoe Vale South
Home to the Instagram-friendly bathing boxes of Dendy Street Beach, Brighton is an affluent coastal suburb found just 10km south of Melbourne’s CBD.
The median weekly rent here is $990, a figure that drops to $450 when you move to its northern sister Pascoe Vale South.
Giving up the calming ocean breeze won’t be easy. But Pascoe Vale South’s close proximity to trendy Coburg and Brunswick should help soften the blow.
Deepdene to West Footscray
Renting in family-friendly Deepdene, 9km east of Melbourne’s CBD, will set you back an average of $900 every week. Head to up-and-coming Footscray and you could save roughly $470; the median weekly rent there is $430.
Peppermint Grove to Noranda
Boasting stellar water views, open-air cafes and a ready supply of dreamy mansions, Peppermint Grove has long been Perth’s most desirable suburb. And its median weekly rent of $900 reflects that.
While residents are unlikely to be living in the affluent suburb solely to benefit from the short commutes, a move to Noranda, 5km north-east of the CBD, could reduce their weekly outgoings by $580. This middle-class, inner-city suburb has a median weekly rent of $320.
Mount Claremont to Kewdale
Home to the Perth Superdrome, Mount Claremont is 8km west of Perth’s CBD. Here, renters pay a weekly median of $850.
Their eastern peers in Kewdale, meanwhile, pay $320. An eastwards move across Perth could therefore save you $530 per week.
Dalkeith to Embleton
Dalkeith to Embleton concludes our list of financially savvy micro-relocations.
Just 8km from Perth’s CBD, Dalkeith has a median weekly rent of $800. Move to its north-eastern sister Embleton and you could save $480.
Figures are based on REA internal data. The median weekly rent is for the 12 months to 31 August 2018 and suburbs must have had at least 10 properties listed for lease in the period.
Article source: realestate.com.au/