You could save hundreds of dollars a week by choosing to rent in a suburb an equal distance to the city in another direction, realestate.com.au data shows.
‘Sister suburbs’ are geographical twins insofar as their distance to the city, but often miles apart in terms of rent affordability – proving you may do well to broaden your search when looking for a rental property.
Using the direct line distance (as the crow flies) from the centre of the CBD to the centre of your suburb, we have returned a list of suburbs that fall within the radius. Check the interactive map below to find out which suburbs your target suburbs are twinning with – and whether they offer a better deal.
Rent and save
For many would-be first home buyers, prolonged uncertainty in the job market means many will likely be renting for longer. If you’re trying to save up for a deposit while renting at the same time, every dollar counts.
“There’s probably going to be fewer first home buyers over the coming years and people will be looking to rent for a longer period of time,” REA’s executive manager of economic research, Cameron Kusher, confirms. “Actually saving a deposit is going to be more difficult because interest rates are effectively zero.”
Finding yourself hanging onto the buyer’s mindset but left with a renter’s budget? You may be more swayed by price than the lifestyle-focused renters of yesteryear.
Here were the stand-out sister suburb comparisons across NSW and Victoria:
Sydney
Eastern suburbs v inner west
There is undeniably a different vibe across the suburbs directly east and west of Sydney CBD. Namely, the east is more likely to give you those lusted-after Sydney water views.
However, both offer very similar lifestyle perks in terms of access to cafes, restaurants and bars – yet one is markedly more expensive.
Even in areas that are remarkably close to the city, there is a big discrepancy. For instance, the median rent for a house in Double Bay is over $800 more expensive than in Waterloo – despite both being just three kilometres from the Sydney CBD.
Trade in water views for this idyllic Newtown terrace. Picture: realestate.com.au/rent
Similarly, if you move from Clovelly to Croydon, you’ll find house rents are 57% cheaper, offering savings of approximately $850 a week.
Meanwhile, a unit in Point Piper will cost you on average $898 a week, whereas a unit in Newtown, Enmore or Annandale is likely to cost half that.
Millers Point v Darlinghurst
Millers Point is among the most prestigious property locales in Sydney. However, it sits the same distance from the CBD as Darlinghurst – another prestigious location in its own right – where median rents are a whopping 31% cheaper.
Those Millers Point views don’t come cheap. Picture: realestate.com.au/rent
Sure, Millers Point offers one of the world’s most picturesque harbour views. But if you’re not getting a home with a view – and if you’re looking for better access to schools, hospitals and shops – Darlinghurst is a fair alternative.
Melbourne
Bayside v north-west
Comparing these two regions is a bit like comparing apples and oranges: there’s really no comparison at all. Both offer very different lifestyles to people who have different priorities and interests.
Being equal distances from the CBD is unlikely to persuade a renter looking for a home in Brighton, Black Rock or Beaumaris to consider making the move to Deer Park, Albion or Sunshine instead.
However, if you do need a financial leg-up, you are much better off renting in the north-west, especially if you work in industries based in that part of Melbourne.
“Not everyone works in the city, and there’s a lot of industry around the airport and that area, so for someone who isn’t commuting into the city, it might be perfect,” Kusher says.
While Brighton, for example, has a median rent of $1100 for houses and just under $600 for apartments, Albion has a median rental price of $380 for houses and $280 for apartments. That’s more than half the price off!
Toorak v Kensington
For many Melburnians, living in Toorak, where grand homes and stylish boutiques abound, is but a dream.
However, Toorak’s sister suburbs – Kensington and Flemington – certainly aren’t a bad consolation prize, especially when you factor in price.
Both of these north-west suburbs are actually slightly closer to the CBD than Toorak (less than 7km) and have their fair share of gorgeous houses too. Dare we say, Kensington and Flemington also have a cultural edge over the much quieter Toorak.
Is it in Toorak or Flemington? (It’s in Flemington). Picture: realestate.com.au/rent
So, it may seem like a no-brainer when we reveal that a rental home is going to cost you around half the price in these suburbs than in Toorak.
While Flemington offers a savings of 54%, Kensington offers a similar savings of 52%, knocking $550 to $570 off the median rental house compared to Toorak. Not bad, eh?
Whether you’re living in the boujiest part of town, or somewhere more edgy, contents insurance is a must to protect your stuff. Get a jump on it now before it falls to the bottom of your to-do list.
Still not sure what the lifestyle is like in your sister suburb? Get talking to shop owners, real estate agents and residents in the area – and listen out for those nuggets of information you won’t get from a property listing.
This article was originally published on
30 Sep 2020 at 11:44am
but has been regularly updated to keep the information current.