Rent.com.au has compiled a report based on property leasing data from the month of April, illustrating the shift in median rental property prices (both metro and regional) and rental affordability (the median room price metric).
Median rents remained steady across metro and regional areas in April, despite some flux among the individual state capitals. Hobart recorded a significant rise in asking rents month-on-month, up 5.56% to $380/week. The most significant decrease in prices, however, was seen in Brisbane. The metro area saw a 2.44% drop in prices to $400/week.
Brisbane families and share-house hunters would have seen a similar drop in prices, with the median room price metric also heading south in April. The price per room dropped 4.28% to $150/week in Brisbane – a stark contrast to prices in Sydney where the median price per room is now $280/week (up 4.99% from March).
Darwin’s median rent rise (up 4.55%) brings it on par with Canberra as equal second most expensive cities in Australia, under Sydney ($550). Sydney’s asking rents remained stable once again with no relief in sight for renters.
Looking at median rents for the month of April, the most expensive suburb in each state was Clovelly, NSW ($1,900/week), Brighton East, VIC ($835/week), Baynton, WA ($775/week), Broadbeach Waters ($735/week), Henley Beach, SA ($595/week), City, ACT ($575/week), Darwin City ($540/week) and Sandy Bay ($437.50/week).
|Change in median rent and price per room as at 30 April 2017|
|CITY||Median rent||Monthly change||Price per room||Monthly change|
At a regional level, Australian Capital Territory and South Australia were the only Australian states to record a decrease in median rent from March to April, down 6.52% and 4% respectively. Median rents increased across the regions in Victoria (3.7%) New South Wales (up 2.63%) and Northern Territory (1.16%).
Rents remained healthy in Queensland ($330/week), Tasmania ($270/week) and Western Australia ($330/week), with no price changes recorded, consistent with data from March.
SA was once again the state with the cheapest regional rentals – a median rent of $240/week (down 4%). Looking at dwelling type, regional houses in NT experienced a strong increase in median rent overall (up 13.04% to $520/week).
Conversely, the cost of regional houses in ACT dropped 6.80% to $480/week. The state did, however, record the most significant increase in apartment prices, up 12.68% to $400/week. Apartment prices slid 12.5% down to $210/week in Tasmania.