Renting is quite expensive. The rental markets in Perth, Melbourne, Sydney and Brisbane is very competitive. It is not uncommon for 50 people to show up to inspect an apartment before renting. However, it is still possible to find some real gems (for example, massive old houses and really quirky places). Price is often relative to access and services, if you can drive you can usually find somewhere cheaper that doesn't have access to public transport.

As for restrictions on foreigners, there is nothing like Japan's rules. Bond is usually 4 weeks rent and rent must be paid in advance in most states. Tenancy laws strongly favour tenants.