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 October which illustrates the shift in median rental property prices (both metro and regional) and rental affordability (price per room):

The central business district of Melbourne, Victoria.
The central business district of Melbourne, Victoria.

Metro Rents

The average median rent across the country has remained stable at $420 per week in October. Only one of the Australian capitals recorded a decrease in median rent; Adelaide saw a 2.9 per cent decrease from $345 in September to $335 in October making it the cheapest city. Conversely, two state capitals recorded an increase in median rent; Hobart up 3 per cent to $345 and Darwin up 1.7 per cent.

Sydney still is the most expensive Australian city with a median rent of $550/pw, while Adelaide was the cheapest in October at $335/pw, taking over from Hobart which was the most affordable in September at $320. Considering the rental affordability measure price per room (PPM); Sydney also topped the ranking at $270/pw while Perth was the most affordable capital city for renters at a median price per room of $127/pw, putting Adelaide at a close second at $130/pw. While the median price per dwelling decreased in Adelaide, price per room increased due to apartments compromising a higher percentage in October compared to the previous month, so is the case for Canberra with the price per room recording an increase whilst the median rent remained stable.

By looking at dwelling type, Sydney continued to be skewed towards apartments comprising 64 per cent, while Perth’s property makeup was 76 per cent houses.

october rent

Regional Rents

On a regional level, Queensland, Tasmania and Northern Territory recorded an increase in median rents from September to October, up 1.5 per cent, 4 per cent and 1 per cent respectively.

Median rents remained healthy across the rest of the country, with no change in prices for NSW ($370) or VIC ($270).

Rents dropped by 2 per cent in the ACT ($460) and 3 per cent in WA ($330)

Renters could find the cheapest available rentals in SA’s regional areas, with a median rent of $250/pw.

STATE AND TERRITORY BREAKDOWN

NEW SOUTH WALES

  • Median rent:
    • Sydney remained the most expensive city for renters, with asking median rents at $550 in October, consistent with September.
    • Properties in New South Wales’ (NSW) regional areas recorded a stable median rent, consistent at $370 from September to October.
  • Affordability:

QUEENSLAND

  • Median rent:
    • Queensland’s regional areas saw a small increase in median rents, up 1.5 per cent to $330/pw.
    • QLD’s capital, Brisbane, recorded an average median rent of $400 in October, consistent with the median rent in September.
  • Affordability:

VICTORIA

WESTERN AUSTRALIA

  • Median rent:
    • Western Australia’s regional areas saw a decrease in in median rents, around 3 per cent at $330/pw in October.
    • Perth’s property market makeup in October was 76 per cent houses, the highest number across the country.
    • Perth metro rentals experienced no change in median rent from September to October, now $370 per week.
  • Affordability:

SOUTH AUSTRALIA

  • Median rent:
    • Adelaide median rents dropped 2.9 per cent to $335/pw in October.
    • Properties in South Australia (SA) regional areas 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, as well as the cheapest apartments (just $175/pw).
  • Affordability:

NORTHERN TERRITORY

  • Median rent:
    • The Darwin rental property market experienced an overall 1.7 per cent rise in median rent to $468/pw in October.
    • Northern Territory regional rents rose 1 per cent in October to $455.
  • Affordability:
    • The median price per room in Darwin metro in October was $180/pw, an increase of 4 per cent.

AUSTRALIAN CAPITAL TERRITORY

  • Median rent:
    • The most expensive properties in regional Australia could be found in the ACT for a median rent of $460/pw, down 2 per cent from September.
    • Median rents in Canberra remained static at $440/pw, however the price per room increased by 5.5 per cent, recording a medium of $190/pw.
  • Affordability:

This report has been calculated from data specific to property listings leased on Rent.com.au in the month of October. Additional data is available on request. For further information, please contact: media@rent.com.au | 1300 736 810

NO COMMENTS

LEAVE A REPLY