With thousands of listings added daily by both private landlords and property agents, Rent.com.au has one of the broadest databases of rental properties in Australia today. Rent.com.au has compiled a report based on property leasing data from the month of November which illustrates the shift in median rental prices (both metro and regional) and rental affordability (price per room):

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Metro Rents

The average median rent across Australia has only slightly spiked up 1 per cent at $425 per week in November. Adelaide and Darwin metropolitan areas recorded a decrease in median rent, while all but three of the remaining cities saw an increase in the month. Hobart recorded an 18 per cent increase from $340/pw in October to $400/pw in November, the steepest increase of all capital cities.

Sydney continues to be the most expensive Australian city for renters; median rents stayed consistent at $550/pw in November, while Adelaide was the cheapest at $333, 1 per cent down on October’s results.

Considering the rental affordability measure price per room; Sydney also topped the ranking at $265/pw (despite a 2 per cent downturn) from October, while Adelaide was the most affordable capital city for renters – a median price per room of $127/pw (down 3 per cent), putting Perth at a close second ($130/pw, up 3 per cent on October).

Adelaide and Darwin were the only capital cities to record a decrease in weekly median rent (down 1 per cent and 7 per cent respectively) and PPM, down 3 per cent and 8 per cent.

By looking at dwelling type, Sydney continued to be skewed towards apartments comprising 64 per cent, while Perth’s property makeup, in line with Adelaide, was 73 per cent houses. Looking at Rent.com.au’s suburb data, which is indicative of property listings leased on Rent.com.au in the month of November, New South Wales suburbs Lindfield, Allambie Heights, Seaforth, Tamarama and Hunters Hill were the top 5 most unaffordable suburbs, with median weekly asking rents of $1,250, $1,190, $1,125, $1,075 and $1,050 respectively.

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Regional Rents

At a regional level, Northern Territory, Australian Capital Territory and Tasmania were the only Australian states to record a decrease in median rent from October to November, down 18 per cent, 7 per cent and 4 per cent respectively. Median rents increased across the regions in Victoria (up 4 per cent), Western Australia (up 3 per cent) and New South Wales (up 3 per cent).

Rents remained healthy in Queensland ($330) and South Australia ($250), with no price changes noted, consistent with records in October. SA, matched only by TAS in November, was once again the state with the cheapest regional rentals, with a median rent for both states of $250.Looking at dwelling type, regional ACT apartments and houses experienced the highest increases in median rent overall (up 13 per cent – apartments and 4 per cent – houses). Conversely, NT recorded the steepest drop in median rent for both dwelling types, down 14 per cent (apartments) and 15 per cent (houses).

Looking at dwelling type, regional ACT apartments and houses experienced the highest increases in median rent overall (up 13 per cent – apartments and 4 per cent – houses). Conversely, NT recorded the steepest drop in median rent for both dwelling types, down 14 per cent (apartments) and 15 per cent (houses).

STATE AND TERRITORY BREAKDOWN

New South Wales

  • Median rent:
    • Sydney remained the most expensive city for tenants, with asking median rents at $550/pw in November, consistent with October. The high median rent in the New South Wales capital is comparable to Australia’s most affordable state in November, Adelaide ($333/pw).
    • At a dwelling level, Sydney’s property makeup was largely apartments, comprising 64 per cent, while Perth’s property makeup, in line with Adelaide, was 73 per cent houses.
    • Properties in the state’s regional areas recorded a slight increase in median rent, up 3 per cent in November to $380/pw from $370/pw in October.
  • Affordability:

Queensland

  • Median rent:
    • Queensland’s (QLD) capital Brisbane recorded an average median rent of $400/pw in November, constant since October.
    • The state’s regional areas saw no recorded change, with asking median rents consistent at $330/pw from October through to November.
  • Affordability:

Victoria

  • Median rent:
    • Melbourne metro rentals recorded an incremental rise in median rent from October to November (up 1 per cent), now $393/pw.
    • Properties in Victorian (VIC) regional areas saw a 4 per cent upward movement in median rent for the month of November ($280/pw).
  • Affordability:

Western Australia

  • Median rent:
    • Perth’s property market makeup in November was 73 per cent houses, the highest number across all state capitals.
    • Perth metro rentals experienced no change in median rent from October to November, static at $370/pw.
    • Western Australian (WA) regional areas recorded an increase in median rents, climbing 3 per cent to $340/pw in November.
  • Affordability:

South Australia

  • Median rent:
    • Adelaide median rents dropped slightly by 1 per cent to $333/pw in November.
    • Adelaide was one of two capital cities to record a fall in weekly median rent (down 1 per cent) as well as price per room, down 3 per cent.
    • Properties in South Australian (SA) regional areas, together with those in Tasmania, were cheapest across the country – a median rent of $250/pw.
    • The cheapest houses could be found in regional SA for a median rent of $260/pw, together with the cheapest apartments (at $190/pw).
  • Affordability:

Northern Territory

  • Median rent:
    • The Darwin rental property market experienced an overall 7 per cent drop in median rent to $430/pw in November from $460/pw in October.
    • Northern Territory (NT) regional rents also decreased by 18 per cent in November to $370/pw. The median rent for apartments dropped 14 per cent, houses also dropped by 15 per cent – the steepest decline across all capital cities.
  • Affordability:
    • The median price per room in Darwin in November was $165/pw, a drop of 8 per cent on the previous month.

Australian Capital Territory

  • Median rent:
    • The most expensive properties in regional Australia could be found in the Australian Capital Territory (ACT) for a median rent of $430/pw, down 7 per cent from October.
    • Median rents in Canberra increased by 6 per cent to $468/pw in November, from $440/pw in October.
    • Looking at dwelling type, regional ACT apartments and houses experienced the highest increase in median rent overall (up 13 per cent – apartments and 4 per cent – houses).
  • Affordability:
    • The median price per room in Canberra in November was $188/pw, down 1 per cent from October.
    • In ACT, the top five most affordable suburbs were Mawson ($310), Watson ($360), Belconnen ($360/pw), Gungahlin ($425) and Crace ($430).
    • ACT’s top 5 most unaffordable suburbs in November were City ($600/pw), Forde ($590), Kingston ($565), Bonner ($540/pw) and Casey ($540/pw).

Tasmania

  • Median rent:
    • The Hobart property market experienced an overall 18 per cent rise in median rent to $400/pw in November, from $340/pw in October.
    • Conversely, Tasmanian (TAS) regional rents dropped by 4 per cent to $250/pw in November, down from $260/pw in October.
  • Affordability:
    • The median price per room in Hobart in November was $145/pw, a drop of 3 per cent from the previous month.

1 COMMENT

  1. Thank You for your article on rental properties, it was very interesting. I would like to take this opportunity to Wish all the team at Rent.com a Very Merry Christmas and a Happy New Year……Cheers 🙂

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