Decorating your Christmas tree, buying gifts and buying presents can be expensive.
But the cost of buying a room in a rented home has risen by almost 10 per cent over the past 12 months to $2,400 per week, according to new research by real estate agency Zillow.
While Christmas decorating and spending time with loved ones is expensive, there are many cheaper options out there, said Zillows senior research analyst Dan Levett.
While it’s hard to say if the rise in prices is due to a growing number of rental properties, or if the trend is just an increase in people being priced out of the market, Levetti said there is a growing demand for cheaper holiday decor.
“The number of people who are looking to live in cheaper rental housing is quite significant,” he said.
“This is partly due to the housing market, but also the affordability of holiday decor.”
The research was conducted for Zillowed’s Christmas 2018 guide, which has been downloaded almost 50,000 times.
It found that the average cost of a room for a holiday room in Australia was $2.85, which was a 6 per cent increase from the previous year.
But there were some cheaper options that were cheaper than rental accommodation.
The average cost for a Christmas room in Sydney was $1,723, compared to $1.723 for the average room in Melbourne.
Zillow said the most affordable option for Christmas decorators was a two-bedroom apartment for $1-2,000 a week, while the cheapest option was a four-bedroom house for $2-3,000.
“Some people are going to look to the bigger houses for holiday decorating because they’re a bit more affordable,” Leverette said.
The cheapest Christmas room for Christmas was in Sydney, with the cheapest Christmas apartment in Brisbane at $1 a week.
But some people wanted a bigger house and would prefer a cheaper holiday room, like a one-bedroom cottage, he said.
“There’s a very strong trend for holiday rooms to go up in price over the last 12 months, so it’s really important to look at all the options that you have to get the best Christmas for your budget,” he added.
The trend for cheaper Christmas rooms in Sydney has been driven by a rise in the number of new holiday properties coming onto the market.