Posted by James in Nondah, South Australia, AustraliaTags nundahs rental apartments,apartments,rental,rentals,rented article Posted in Housing,rents,apartment source ABC News (AU) title Home owners face ‘very challenging’ task of paying for rental properties article Posted on 21 May 2018 12:30:53Home owners facing a “very challenging” task of trying to pay for rental property should be “frugal”, a housing minister has said.
Key points:Rental properties are expensive and there are many who cannot afford themThe Australian Bureau of Statistics (ABS) has estimated the cost of a house to be about $1.1 millionAuckland city’s rental market is among the worst in the countryAccording to the latest Census figures, the average house in Auckland is worth about $800,000, but renters in the city have to pay $1,847 a month to rent it.
Key point:The average rental price in Auckland was $1 millionThe ABS said the average rent for a house in the Auckland region was $824 per monthAuckland rents for the most part were paid for with a deposit, usually a deposit from the owner, which is then taken out with the property.
But the average cost of renting in the region is far higher than that.
The Aged Care National Housing Council said the rate of rent increases in Auckland has been “unprecedented” and that there is a “significant demand for rental accommodation”.
“There are currently around 1,200 rental properties in Auckland and the average price for a two bedroom property is now $1m, or around $821 per month,” the council’s chief executive, Rob Spence, said.
“In comparison, in the South Auckland area, there are about 600 properties.”
Renters who are in their 30s to 50s can expect to pay about $700 a month for a single property, and $1 per week or $2 a day for a family.
“Rental income is a big issue for people in Auckland, particularly older people, because they’re not living as far apart as they would if they had a smaller home,” Mr Spence said.
Rent-to-own modelThe average rent per week for a detached property in the North Auckland area was $638, the ABS said.
The average for a three-bedroom home in the same region was about $848.
The median rental price for the Auckland North region was around $2,800, while the average for the South region was more than $3,000.
Rents in the north are rising faster than rents in other parts of the city, with the median price of a four-bedroom property in North Auckland up by more than five times since 2012.
Rental vacancyThe average vacancy rate in Auckland for a property was about one per cent in June 2018, up from one per.
The rent-to.buy model is one of the few models that still exists, and renters who have the means to pay a deposit on their home are able to buy and rent out their home, rather than rent it out to someone else.
“It’s a very different situation to owning your own home and having to rent the property out,” Mr Stence said, adding that people should be able to rent out to family members and friends.RENTAL RENTAL COSTS BY AREA:Rent per week: $741Average cost of rent per month: $823Average monthly rent for two bedroom: $1MAverage monthly rental cost for three bedroom:$1,833Average monthly vacancy rate: 1.5 per centResidential rental: $902Average weekly rent for detached house: $750Average weekly rental cost of three-bedroom: $2.5KWholesale rent: $3.1KWhole-house rent: about $2 million