To live among Melbourne's rich & famous is costing more than $1000 a month this year compared to last year.
Despite the economic downturn people who have chosen to move into Melbourne's elite suburb of Toorak have to pay an average of almost $1300 a week more than last year.
While rents have nosed-dived in some areas of Australia, many Melbourne suburbs have experienced exceptional increases in median rental rates.
A survey recently conducted by RP Data has revealed that weekly advertised rents in Toorak have escalated by 43.8 per cent.
Other suburbs to be impacted upon are Gisborne, Moorabbin and Beaumaris.
Over the 12 months to September, weekly rents for houses nationally increased by 3.4 per cent while units experienced a slightly greater rate of growth at 4.1 per cent.
People who rent a unit in Ballarat were forced to pay about 38.5 per cent more over the past 12 months.
Research analyst Cameron Kusher stated that compared with recent years the results have reflected a slower rate of growth.
In most parts of Australia rents have actually fallen in recent months as value growth has returned to the market and rental growth has failed to keep pace.
Due to first home buyers some of the pressure on the rental market has eased. It is anticipated that with the first home buyers grant boost being wound back and mortgage rates on the rise, more people will be forced to remain in the rental market.
It is predicted that rental rates will start to climb again especially that nationwide our annual new dwelling requirement continues to go unfulfilled.
Some individual suburbs have seen larger increases in median weekly advertised rents due to a dramatic change in housing stock and quality. Another factor is the undersupply of housing coupled with increasing demand and a switch from ownership to rentals.