This destination in South Australia has the nation's cheapest rent

The cheapest postcode for Aussie tenants is Millicent in South Australia.

The town, about 50km north of the regional centre of Mount Gambier, has the nation’s least-expensive weekly rent, at a median of $180 for a unit, Domain data shows.

Millicent is in South Australia’s Limestone Coast region, about 400km from Adelaide.

All of the top ten postcodes with the most affordable rental prices, Domain’s latest Rent Report research found, are for units and in regional zones.

$330

9 Mount Burr Road, Millicent SA 5280

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The second-cheapest postcode to rent in nationally is Cobar in central-west outback New South Wales.

Cobar, a mining town, is nicknamed The Copper City for the metals found there. Tourists can still marvel at open-cut mines and heritage buildings.

Median rent in Cobar is $190 per week for a unit.

Ranked third is Glen Innes in NSW, in the New England district, south of the Queensland border. The closest airport is Inverell, followed by Armidale, and Brisbane is about a four-hour drive away.

$350.00 per week

4 Fletcher Street, Cobar NSW 2835

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There, a renter can secure a unit for a median of $220 a week.

Four of the top five suburbs for cheap rent still clocked annual price growth, except for Millicent, which Domain did not have year-on-year comparative data for.

Price spikes were as high as 12.8 per cent in fourth-ranked Stawell, Victoria, the closest town the postcard-worthy Grampians National Park and the home of the blue-ribbon foot race the Stalwell Gift.

The beachside city of Whyalla in South Australia, and Forbes in New South Wales, iconic for its grand archiecture, are in the top ten and registered price deductions in rental asking prices.

$1,100

141 Church Street, Glen Innes NSW 2370

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They are the only of the bunch where rents have dipped over the past year – one of the most challenging on record for tenants.

The 2024 forecast suggests there is a glimmer of hope for tenants, amid some easing conditions.

Data reveals that although asking rents sat at record levels across most of the capitals at the end of 2023, house rental prices are now holding steady. And a slowing growth is a glimmer of a touch of a reprieve for renters.