Sydney home to 44 of Australia's 50 most expensive share suburbs

Sydney has continued to lead the property market with the state capital taking out 44 of the 50 most expensive suburbs in Australia to rent a room.

Inner-city suburb Pyrmont topped the list with an average room costing $351 per week, closely followed by Zetland and Potts Point at $346pw and $342pw, respectively.

The first 34 suburbs on the list were based in Sydney with Melbourne only making the list three times, while Brisbane held two spots and Perth just the one.

Flatmates.com.au’s Managing Director, Thomas Clement said the results were not surprising noting Sydney’s hot housing market.

“Given the fact that Sydney’s property market is currently well above the rest of the nation, it was not surprising to see it dominate the list,” Clement said.

“It was surprising, however, to see traditionally expensive city centres so far down the list, with Sydney, Brisbane and Melbourne CBDs offering lower rents than many suburban areas.”

Worryingly though, the top 25 suburbs (all in Sydney) were commanding average room prices of over $300 per week, with Clement saying it was not a good sign for those looking to live close to the city.

“While the high prices are great news for home-owners and investors, it will be the opposite for those looking for something more affordable.”

“Share accommodation is already the cheapest way for many people to rent, however, the rising prices of rooms in inner-city areas may force some people further out in order to find something within their budget.”

The average cost of a room in Sydney rose from $265.07pw in 2014 to $275.44 this year, while the national average remained steady at $202.06 pw.

The most affordable Sydney suburb was Penrith with the average asking price of $186.62pw, followed by Liverpool and Croyden at $192.91pw and $196.95pw, respectively.

ENDS//