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The recent Census data gave a good insight into where people are renting. The data as reported by CoreLogic shows 30.9% of residential Australian properties are rented. 12% of those are government supplied housing, 2% by community groups like the Salvation Army and churches and 16.9% owned by private investors.
The list below provided by CoreLogic shows the top 50 Australian suburbs with the highest proportion of renters. Data for the 2006 and 2011 census is also provided to show the percentage split over the years.
From the list we can see some suburbs have large growth in the number of properties being rented, some stable and some have declined. There are a number of reasons for this, being more public housing built in that area, new transport links, infrastructure improvements or resource projects such as mines opening and closing and gentrification of the area making the suburb more appealing to a different demographic to name a few.
There are pros and cons to an area having a high proportion of renters - it could indicate there are large amounts of government housing, the area could be of a lower socioeconomic standing with low home ownership or a high proportion of new apartment developments. On the other hand, the suburb could be close to a university or hospital with a population of younger people renting closer to school and work. It’s about getting the balance right and ensuring you are investing in a great area with a high rental demand. We like to see a lower proportion of renters in a suburb that we're looking to invest in. It provides greater demand for rental properties but also, more importantly, an area with a higher proportion of owner occupiers generally means the properties are well kept - providing a desirable suburb to live in.
When presenting areas and properties we provide our clients with the correct data on rental demographics so they can make an informed purchasing decision.
Milk Chocolate was founded seven years ago by Richie Ragel and Michael Cleary, to purchase residential and commercial property in Australia on behalf of our clients, looking for a home or investment property. To see how we can help you get in touch here.
*As per the Australian Bureau of Statistics an SA2 region is a community that interacts together economically and socially with (on average) 10,000 residents.
Source: CoreLogic / Australian Bureau of Statistics
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