Melbourne renters face $31,200 annual bill as $700 suburbs surge

Melbourne’s typical advertised rent has reached $600 a week, or $31,200 a year, as tenants face rising costs across the city. Melbourne tenants are coughing up the price of a new car every year on rent, with costs jumping at least $1000 per annum across 150 suburbs for units and 176 for houses. PropTrack’s June quarterly rents data shows Melbourne’s typical advertised rent is $600 a week, equivalent to $31,200 a year. The median annual rent in every one of the 279 Melbourne house markets analysed exceeds the $20,990 regular price of an entry-level MG3 Vibe small car. RELATED: Vic renovators face hidden $20k hit‘ Bulls**t’: Tears in epic Block tradie disaster Block losers discover $2m loss on Facebook Even Melton, the city’s cheapest house rental market, costs $410 a week, or $21,320 a year. Only two of 219 unit markets fall below the $20,990 benchmark, Melton South at $380 a week and Albion at $400. It’s little better for the city’s most affordable rental option with the annual rent bill at least $1000 higher in 150 unit markets compared to last June, while the number with a median rent cost of at least $30,000 a year has jumped from 77 to 108. Melbourne’s $700-a-week unit club has...