Property leasing data released by Rent.com.au for June 2018 illustrates the shift in Australian median rental property prices (both metro and regional) and rental affordability (the median room price metric).
- Sydney’s median house rent has now been stable at $600 a week for six months running, after the last drop of 3.2% from $620 a week.
- Melbourne’s apartment prices were up for the first time since February, rising 2.5% to $410 a week.
- For the third year running, Brisbane apartment room prices increased in June, up 7.7% to $237 a week.
- Houses are on the market for the least amount of time in Hobart, just 15.2 days.
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How the states and territories compared in June 2018
|Metro area||Apartments||% change||Houses||% change||Price per room||% change|
New figures from Rent.com.au show that Sydney’s median rent across all property types is stable – the sixth straight month unchanged. The NSW capital’s median rents are high (still no real surprise) but cooling demand could be behind the stabilising costs.
Apartment and house median rents were flat in June, unchanged from May at $550 and $600 a week accordingly.
Rent.com.au Chief Executive Officer, Greg Bader said while Sydneysiders are still paying the highest weekly rents in the country, the pace of house rent rises has eased to maintain prices over past six months, while places like Perth are starting to see a surge in the price of apartments and houses.
“From an investors perspective, slowing rental growth means they will need to find new ways to differentiate their properties from others,” he said. “The boom phase of the market is fading, and it’s likely down to first-home buyer incentives and a deluge of new apartments on the market.”
Price per room
Renters looking to score a good deal on an apartment would have found their best options in Adelaide (just $151 a week for a room), against $116 a week for a room in a house.
The metric also showed that Sydney once again outranked all other state/territory capitals at $275 a week for a single room (national price per room).
Price per room year-on-year
|Metro area||Apartments||% change from June 2017||Houses||% change from June 2017|
Days on Market
Rent.com.au’s average days on market measure provides context to the movement in asking rents. Days on market in Darwin improved significantly in June, taking 17% less time to move an apartment than 12 months prior in June 2017.
Trends were similar in Brisbane, where houses shifted quicker under a wave of continued rental demand, improving to 23.7 days. Houses in Brisbane also moved 13% faster (23.7 days). Mr Bader said this movement across several capitals was indicative of healthy leasing activity prompting increased demand. “With leasing activity increasing, these markets are starting to re-balance, which is good news for owners,” he said.
Days on market
|Metro area||APARTMENTS days on market||% change from May||% change from June 2017||HOUSES days on market||% change from May||% change from June 2017|
|SYDNEY||25.1||9% slower||25% slower||26||4% slower||18% slower|
|MELBOURNE||19.3||1% slower||8% faster||23.1||5% slower||1% slower|
|BRISBANE||23.7||13% faster||16% faster||23.7||9% faster||14% faster|
|PERTH||39.1||0.2% slower||13% faster||36||2% faster||16% faster|
|ADELAIDE||28||14% slower||6% faster||23.8||5% faster||18% faster|
|HOBART||15.7||12% faster||2% faster||21.5||9% slower||8% slower|
|DARWIN||35.4||17% faster||20% faster||33.3||2% faster||18% faster|
|CANBERRA||15.8||6% slower||23% faster||19.2||1% slower||13% faster|