Rent.com.au’s February report reveals a significant spike in one capital city but a stable median rent across the country.

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 rental report based on property leasing data from the month of February, illustrating the shift in median rental property prices (both metro and regional), rental affordability (the median room price metric) and the luxury property measure, evaluating change in days on market for properties above $1,000/pw.

Rental report

Metro rental report 


Rent.com.au’s February report reveals a significant spike in one capital city but a stable median rent across the country. The average metropolitan rent Australia-wide remained consistent at $430/pw.

Of the metro areas, only Adelaide and Darwin recorded a decrease in median rent. Hobart experienced a significant spike of 10 per cent, the sharpest increase in the country. This makes Hobart’s rental market the fourth most expensive capital for house hunters, with $385/pw rents.

Sydney continued to rank as the most expensive city for renters; its median rent was consistent at $550/pw. The last time the median rent dropped in Sydney metro was March 2016 to $540/pw, but prices have been consistent since April 2016. Rents in Adelaide dropped 2.86 per cent. The only other capital to show a fall, Darwin, recorded a 2.17 per cent decrease to $450/pw.

Considering Rent.com.au’s rental affordability measure, price per room (PPR); Sydney also topped the ranking at $270/pw (up 1.89 per cent on January 2017), while Perth metro was the most affordable capital city for renters –  a median price per room of $125/pw (down 1.32 per cent), putting Adelaide at a close second ($133/pw, up 0.63 per cent).

Australia-wide, the rental market makeup remains stable; Sydney’s property makeup was 69.71 per cent apartments and Perth largely comprised houses (73.41 per cent).

Rental report

Regional rental report


Regional rent prices across Australia in February were consistent with data recorded in January – a combined median rent of $340/pw country-wide. Regionally, Victoria, Queensland, South Australia and Northern Territory experienced a decrease in median rents. Rents dropped 1.79 per cent in VIC, 1.49 per cent in QLD, 5.88 per cent in SA and 2.22 per cent in NT.

Western Australia’s regional rents were up 6.25 per cent and Australian Capital Territory went up 13.89 per cent. New South Wales and Tasmania were the two states which did not record any price change in the regions. Their median regional rents were consistent with those recorded in January.

Rent.com.au Rental Rates Snapshot | February 2017
– state and territory breakdown –

NEW SOUTH WALES

  • MEDIAN RENT
    • Recording no change since January’s results, combined with Rent.com.au’s release of Q4 data in December 2016, Sydney remains the most expensive city for house hunters. Median rents remained stable at $550/pw in February.
    • The high median rent in the New South Wales capital is comparable to Australia’s most affordable city in February, Adelaide ($340/pw).
    • At a dwelling level, Sydney’s property makeup continued to skew towards apartments, comprising 69.71 per cent, while Perth’s property makeup was 73.41 per cent houses.
    • In NSW’s regional suburbs, median rents remained steady in January with no change to the asking $380/pw.
  • AFFORDABILITY
  • LUXURY LISTINGS
    • In February, Sydney luxury properties (those with a price point above $1,000/pw) were leased after an average 24 days, a decrease of 11.11 per cent from January. This was the second shortest duration for luxury properties to remain on Rent.com.au across the country, second only to Adelaide (21 days).

 

VICTORIA

  • MEDIAN RENT
    • Median rents in Melbourne metro were unchanged in February at $400/pw, consistent with Rent.com.au’s January report.
    • In Melbourne’s regional suburbs, prices headed south in February, down 1.79 per cent to $275/pw. Melbourne was one of four states to note a decrease in the regions.
  • AFFORDABILITY
    • In Melbourne metro, the price per room was a median of $173/pw in February, up 1.96 per cent on the previous month.
    • If you’re looking for shared accommodation in VIC, Rent.com.au data indicates the top five most affordable suburbs on a price-per-room basis in February were Portland ($85/pw), Maryborough ($85.83/pw), Wallan ($88.75/pw), Corio ($90/pw) and Sale ($90/pw).
    • In VIC, the top five most affordable rental suburbs in February were Mooroopna ($215/pw), Swan Hill ($225/pw), Wangaratta ($232.50/pw), Wonthaggi ($232.50/pw) and Sebastopol ($235/pw).
    • The top five most unaffordable suburbs in VIC in February were Brighton East ($650/pw), McKinnon ($650/pw), Brighton ($650/pw), Hampton ($597.50/pw) and Sandringham ($595/pw).
  • LUXURY LISTINGS
    • Melbourne recorded a slight decrease in the number of days its luxury properties (those priced above $1,000/pw) were on market, moving from 28 days in January to 27 days in February, a decrease of 3.57 per cent.

 

QUEENSLAND

  • MEDIAN RENT
    • Brisbane metro rentals saw no change in median rent from January to February, consistent at $420/pw.
    • Brisbane’s regional areas recorded a slight change, with asking median rents down 1.49 per cent at $330/pw from January through February.
  • AFFORDABILITY
  • LUXURY LISTINGS
    • Brisbane luxury dwellings (those priced above $1,000/pw) took an average of 29 days to lease in January, vastly reduced from the average days on market in January (45.5).

WESTERN AUSTRALIA

  • MEDIAN RENT
    • The February rental report indicated Perth metro median rents recorded no change in February, stable at $360/pw.
    • In WA’s regional areas, renters will have noticed a fair rise in asking rents, now $340/pw – an increase of 6.25 per cent.
    • WA and ACT were the only two states to record an increase in median rent in the regions.
  • AFFORDABILITY
  • LUXURY LISTINGS
    • Perth luxury dwellings (those priced above $1,000/pw) took an average of 26 days to lease in January.

 

SOUTH AUSTRALIA

  • MEDIAN RENT
    • South Australia’s state capital Adelaide recorded an incremental decrease in median rent in the metro area, with a drop of 2.86 per cent, bringing the asking rent to $340/pw in February.
    • Good news for regional renters in SA; prices dropped 5.88 per cent to $240/pw. The decrease was the sharpest of all states and territories across the country.
    • Adelaide was the only capital city to record a decrease in apartment and house prices in February, consistent with the drop in overall metro rents. Apartment prices dropped 1.72 per cent to $285/pw and house prices down 1.37 per cent to $360/pw.
  • AFFORDABILITY
  • LUXURY LISTINGS
    • In February, Adelaide luxury properties (those priced above $1,000/pw) were leased after an average of 21 days, a decrease of 48.15 per cent since January.

 

TASMANIA

  • MEDIAN RENT
    • February’s rental report indicated properties in Tasmania recorded the steepest increase across Australia in February, with asking rents shooting up 10 per cent to $385/pw.
    • Hobart metro was one of only two capital cities to record an increase in median rent; Canberra also rose 2.22 per cent to $460/pw.
    • Properties in Tasmania experienced no change in the regions in February, with asking rents of $260/pw. NSW was the only other state to record no change in regional median rents.
    • Both house and apartment prices rose in Hobart in February, according to the rental report, with houses up 5.26 per cent to $400/pw and apartments up 2.31 per cent to $333/pw.
  • AFFORDABILITY
    • In Hobart metro, the price per room in February was a median of $167/pw, up 3.36 per cent on January.
    • In TAS, the top five most affordable rental suburbs were Queenstown ($170/pw), Ravenswood ($210/pw), Trevallyn ($230/pw), Mowbray ($237.50/pw) and Somerset ($252.50/pw).
    • On the opposite end of the market, the top five most unaffordable rental suburbs were Hobart ($500/pw), Kingston Beach ($450/pw), Sandy Bay ($420/pw), Battery Point ($405/pw) and Kingston ($347.50/pw).

 

AUSTRALIAN CAPITAL TERRITORY

  • MEDIAN RENT
    • According to February’s rental report Canberra metro rents experienced a small drop in February, down 2.22 per cent to $340/pw. Metro rents also decreased in Adelaide (down 2.86 per cent) and Darwin (2.17 per cent).
    • In ACT regional suburbs, prices increased quite drastically, up 13.89 per cent to $513/pw. This increase was the steepest across the country, followed only by WA (up 6.25 per cent).
  • AFFORDABILITY
    • In Canberra metro, the price per room in February was a median of $190/pw, down 3.39 per cent on January 2017.
    • In ACT, the top five most affordable rental suburbs in February were Mawson ($385/pw), Watson ($389/pw), Gungahlin ($400/pw), Franklin ($410/pw) and Ngunnawal ($420/pw).
    • The top five most unaffordable suburbs in ACT in February were City ($575/pw), Kingston ($550/pw), Narrabundah ($520/pw), Braddon ($500/pw) and Turner ($472.50/pw).
  • LUXURY LISTINGS
    • In Canberra, luxury properties (those priced above $1,000/pw) were on market for an average of 57.50 days, an increase of 30.68 per cent since January. Canberra was the only capital city to record an increase in days with the luxury market in slowdown.

 

NORTHERN TERRITORY

  • MEDIAN RENT
    • Properties in the Northern Territory were third most expensive around the country in February, with an asking median rent of $450/pw. The city was only outranked by Canberra ($460/pw) and Sydney ($550/pw).
    • Median rents in Darwin regional areas did decrease in price, down 2.22 per cent to $440/pw.
  • AFFORDABILITY
    • In Darwin metro, the price per room in February was a median of $161/pw, down 3.25 per cent.
    • The top five most affordable rental suburbs in NT in February were Millner ($320/pw), Katherine ($325/pw), Driver ($370/pw), Coconut Grove ($370/pw) and Bellamack ($380/pw).
    • NT’s most unaffordable suburbs were Woolner ($675/pw), Darwin City ($540/pw), Durack ($465/pw), Nightcliff ($450/pw) and Stuart Park ($450/pw).
  • LUXURY LISTINGS
    • Darwin saw another slowdown in its luxury market ((those priced above $1,000/pw) – the most significant across Australia. It took, on average, 58 days to lease a luxury property, 56.76 per cent longer than January.
    • Darwin also recorded the most significant increase (46.51 per cent) in the number luxury properties in its market, which comprised 1.16 per cent of its overall make up in February.

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