Apartments along the Rhodes foreshore, which runs along the Parramatta River, Sydney. Photo: iStock/kokkai.

Property leasing data released by rent.com.au for the month of November illustrates the shift in Australian median rental property prices (both metro and regional) and rental affordability (the median room price metric).

Key points

  • Relief in sight for Sydney renters as median rents fall across the state
  • Nationally, apartment median rents fell slightly in November, down 2.22%, while house median rents rose 1.19%.
  • Perth recorded the most affordable price per room at just $120/week.
Metro areaApartments% changeHouses% changePrice per room% change
SYDNEY$540↓1.82%$615↓0.81%$270↓1.82%
MELBOURNE$400↓2.44%$4100%$170↑2%
BRISBANE$3901.30%$420↑1.2%$155↑3.33%
PERTH$300↓3.23%$360↑2.86%$1200%
ADELAIDE$300↑1.69%$365↑1.39%$132↑1.95%
HOBART$325↑1.56%$410↑2.5%$155↑3.33%
DARWIN$370↑5.71%$5000%$160↓5.88%
CANBERRA$4200%$510↑2%$196↓1.67%
National median$440↓2.22%$425?1.19%$178↑0.94%

Median rents

In the month of November, Sydney’s apartment and house prices inched lower – the first month-on-month decline for both property types this year, according to Rent.com.au’s latest data. While apartment median rents moderated slightly (falling 2.22% nationally), asking rents in Sydney sit at a high $540/week, leading all other cities. For houses, prices were higher again at $615/week. Tenants will start to see some benefit from the shift in the market cycle as median rents for both houses and apartments fell 0.81% and 1.82% respectively month-on-month.

On the opposite end of the scale, Hobart’s market is being propelled upward. Prices were on the rise: Apartments pushed higher (up 1.56%), as did houses (up 2.5%), likely boosted by an increase in ‘lifestyle’ renters hitting the TAS market, particularly as the country moves towards summer.

Rent.com.au’s data shows Darwin’s apartment market is tightening, with asking median rents up 5.71% in the Northern Territory capital by 5.71% to $370. Rents remained unchanged for houses in Darwin this month at $500/week.

House hunters would have found the most affordable apartment options in either Perth or Adelaide in November. Prices in the Western Australian and South Australian capitals hit a median of $300/week. Hobart came in close behind at $325/week (up 1.56%). Perth’s housing market showed some early signs of recovery with house prices up 2.86% month-on-month.

Rental affordability

Perth renters continue to reap the benefit of well-priced properties. Notwithstanding the 2.86% rise in house prices, the WA capital held its lead as the city with the cheapest room prices in November. Prices were unchanged in November, holding steady at $120/week. Consistent with October’s report, Adelaide came in a close second, its price per room now $132/week.

Across the country, six out of eight capitals recorded a median room rents less than the national average ($178/week) across all dwelling types; only Canberra ($196/week) and Sydney ($270/week) rising above.

Prices across the regions

StateOCTNOV% change
NSW$390$385↓1.28%
VIC$280$285↑1.79%
QLD$350$360↑2.86%
WA$330$3300%
SA$260$272↑4.81%
TAS$260$270↑3.85%
NT$450$4500%
ACTunavailunavailunavail
National median$350$3500%

Consistent with the drop in asking median rents, New South Wales was the one Australian state see a drop in regional median rent prices month-on-month. NSW rents fell 1.28% to $385/week. Market conditions were different in the rest of the country, however, as prices rose in four state capitals: Victoria up 1.79% to $285/week, Queensland up 2.86% to $360/week, South Australia up 4.81% to $272/week and Tasmania up 3.85% to $270/week.

In November, house hunters would have found the lowest rents in the country in TAS with prices just $270/week, but SA followed close behind at $272/week. The national median was consistent at $350/week.

Shift in days on market

Metro areaApartments% changeHouses% change
Sydney21↓0.8%22↓0.7%
Melbourne21.8↓2%21.9↓5.5%
Brisbane26.1↓12.7%25.8↑0.5%
Perth41.8↓2.1%36.8↓10.5%
Adelaide22.1↓11%21.4↓10.1%
Hobart11↓4.8%13↓12.3%
Darwin36.5↓6.4%27.9↓17.8%
Canberra17↓6.1%16.8↓15.7%

On average, the national rental market recorded a general decline in November. Rent.com.au’s monthly data report records the most significant improvement in days on market in Darwin, where houses moved 17.8% faster than in October, now 27.9 days. Canberra saw similar movement, improving 15.7%.


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