Property leasing data released by Rent.com.au for the July to September quarter (Q3 2019) illustrates the shift in Australian median rental property prices (both metro and regional), rental affordability (the median room price metric) and the price of walkability in each state and territory capital.
Price trends in Q3 2019
Apartment and house rents have remained relatively stable quarter-on-quarter, according to a new report from Australia’s dedicated renting website, Rent.com.au. Still, renting a house in the country’s metro capitals has become slightly more expensive, up 1.1% in the July to September period (Q3) from Q2 2019.
Brisbane showed the most growth quarter-on-quarter, recording a 1.2% upward shift in median rents to $400/week for apartments, and then $1.1% to $430/week for houses. Median rents fell in just three cities this quarter – Melbourne apartments (down 1.1%), Darwin apartments (down 2.8%) and houses (down 1%).
Table 1: Median rent (apartments v houses) and price per room
|Metro area||Apartments||% change||Houses||% change||Price per room||% change|
Price per room.
Considering Rent.com.au’s price per room metric, Perth experienced the most movement in room prices in the third quarter of 2019. The WA capital saw an 8.8% rise in the price per room for houses, now $123/week. In fact, all but one capital (Darwin) recorded an increase in house price per room, bringing the national median to $147/week, up 3.5% from Q2 2019. Apartments also experienced growth, but to a lesser extent, climbing 1.9% to $275/week in Q3.
The only falls recorded in Q3 were apartment rooms in Hobart and Canberra, down 1.3% and 3.1% respectively. Sydney kept its top tier pricing position for both apartments ($325/week) and houses ($200/week), while the best bargains could be found in Adelaide (apartments at $167/week) and Perth (houses at $123/week).
Table 2: Price per room (Apartments versus Houses)
|Metro area||Apartments||% change from Q2 2019||Houses||% change from Q2 2019|
In total, just two of eight states/territories recorded an increase in regional median rents in Q3 2019. Tasmania saw the most significant change of the two, climbing 3.3% to $310/week, against a 2.7% rise in Queensland, now $380/week. Australia’s regional median rents were largely unmoved on a national level this quarter, with just a 1.3% rise from Q2. The only fall in regional prices took place in Victoria in Q3, dropping 1.5% to settle at $315/week.
Table 3: Regional rents in Q3 2019
|State/Territory||Q2 2019||Q3 2019||% change|
Walk Score® – The price of walkability
Each quarter, Rent.com.au compares its Walk Score® data to its median rent price to find price trends in areas with varying levels of walkability. Renters seeking bargain accommodation would have found the most affordable Walker’s Paradise apartments in Western Australia and Tasmania, according to the Q3 data. Walker’s Paradise apartments cost an average of $390/week to rent in WA and TAS. Next most affordable was South Australia at $410/week.
Table 4: Median rent meets walkability – apartments
The most affordable median rent for a Walker’s Paradise house in Q3 was $455/week in South Australia and Tasmania. Western Australia and the Northern Territory followed close behind ($460/week and $475/week, respectively). Houses in New South Wales remained priciest, topping the list at $795/week for a Walker’s Paradise home.
Table 5: Median rent meets walkability – houses
Price per room
House hunters looking for shared accommodation can use Rent.com.au’s price per room measure to better understand the cost of a single room by state. The most affordable Walker’s Paradise apartment rooms were found in Western Australia in Q3 ($235/week), and in Queensland for houses ($185/week).