Rental property website Rent.com.au has released its report for December 2019, based on property leasing data. The report illustrates the shift in Australian median rental property prices (both metro and regional), rental affordability (the median room price metric) and days on market.

Rent.com.au Rental Snapshot Highlights:

  • The cost of renting a room in a house rose in all capitals, year-on-year, with the most significant change noted in Darwin – up 8.9% to $152/week.
  • Canberra was the only capital city to record a rise in the median rent for apartments in December, up 2.2% to $470/week.
  • The biggest shift month-on-month in the five largest states was in Adelaide, where median rents fell 4.7% to $305/week (apartments) and houses rose by 3.9% to $395/week.
  • Apartments in SydneyHobartDarwin and Canberra slowed month-on-month and year-on-year, likely resulting from rising rents in these areas in 2019.

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Table 2: Price per room (Apartments versus Houses)
Edit
Metro area Apartments % change from DEC 2018 Houses % change from Dec-18
Source: Rent.com.au 2020
SYDNEY $310 4.20% $196 1.70%
MELBOURNE $270 8% $150 8.40%
BRISBANE $221 -1.60% $147 6.60%
PERTH $200 5.20% $125 7.10%
ADELAIDE $165 3.10% $133 3.20%
HOBART $176 -18.70% $172 7.80%
DARWIN $155 -10.30% $152 8.90%
CANBERRA $335 3.30% $183 3.70%
National median $262 5% $150 3.40%

Regional rents.

The regions saw a mix of trends in December 2019, despite median rents staying reasonably level. The biggest changes were recorded in Tasmania (up 7.8% to $345/week), New South Wales (up 5% to $272/week) and Western Australia (up 2.8% to $360/week). Falls were seen in the Northern Territory (down 11.5% to $420/week) and in South Australia (down 2.6% to $272/week).

Rentals were most expensive in NSW and the NT in December (both $420/week), against Victoria taking the most affordable regional prices at $330/week.

Table 3: Regional rents in December 2019
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State/Territory Dec-19 % change from Nov ‘19
Source: Rent.com.au 2020
NSW $420 5%
VIC $330 0%
QLD $380 0%
WA $360 2.80%
SA $272 -2.60%
TAS $345 7.80%
NT $420 -11.50%
ACT unavail unavail
National median $385 1.30%

Time on market.

Rent.com.au’s average time on market measure provides context to the movement in asking median rents across the country. The most noticeable shift month-on-month (from November to December 2019) was in Canberra. Apartments moved off market 23% slower in December, taking 18 days on average to move. Perth houses, conversely, came off rent.com.au 3% faster in December, an average of 25 days to lease.

Looking at the change in apartments, it was only Melbourne that saw apartment time on market improve in December, down 1% to 23 days. Apartments in SydneyHobartDarwin and Canberra slowed month-on-month and year-on-year, likely resulting from rising rents in 2019.

Table 4: Days on market in December 2019
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Metro area APARTMENT days on market DEC 2019 % change from NOV 2019 % change from DEC 2018 HOUSES days on market DEC 2019 % change from NOV 2019 % change from DEC 2018
Source: Rent.com.au 2020
SYDNEY 28 days 3% slower 4% slower 26 days no change 5% faster
MELBOURNE 23 days 1% faster 4% slower 23 days 2% faster 4% slower
BRISBANE 21 days no change 6% faster 22 days 4% slower 1% faster
PERTH 30 days 8% slower 11% faster 25 days 3% faster 13% faster
ADELAIDE 19 days 19% slower 18% faster 20 days no change 8% faster
HOBART 14 days 9% slower 9% slower 15 days 7% slower 15% slower
DARWIN 42 days 21% slower 2% slower 32 days 8% slower 4% faster
CANBERRA 18 days 23% slower 6% slower 20 days 11% slower 24% slower

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