Rent.com.au has released its latest report for April 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.
- Four of Australia’s states and territories (Melbourne, Brisbane, Adelaide and Hobart) saw a decrease in house median rents in April 2019.
- Darwin was the strongest performer for apartments in April, with median rents up 10.8% to $360.
- Nationally, house median rents came down 1.1% to $440/week.
- Across all property types, Perth was the cheapest place to rent a room in January at $126/week.
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Table 1: Median rent (apartments v houses) and price per room
|Metro area||Apartments||% change||Houses||% change||Price per room||% change|
Off the back of the Easter break, school holidays and continued federal election campaign, Australia’s rental market saw moderate price growth in some locations and virtually none in others. Rent.com.au’s April report reported that in April, combined capital city house rents fell by 1.1%, while the combined apartment market was unchanged.
In April, apartment median rents were up across three capital cities (Hobart, Darwin and Canberra) but were down in Sydney. The country’s strongest performer month-on-month was Darwin’s apartment market, which saw a 10.8% increase to $360/week.
For house rents, the most substantial change was in Hobart in April; prices fell by 4.3% to $450/week. Nationally, the 1.1% fall in house values was driven by some downward movement in Melbourne (-1.2%), Brisbane (-1.2%), Adelaide (-1.3%) and Hobart (-4.3%), but levelled out with small rises in Sydney (up 1.7%), Darwin (2.3%) and Canberra (0.5%).
Price per room.
Rent.com.au’s price per room metric offers another way to look at the cost of renting in Australia, in particular for people looking to share a home and save money.
According to the latest data, which considers the room price metric, Darwin was the most affordable Australian capital for house hunters looking to rent an individual room in an apartment at $145/week. Meanwhile, Perth took the affordability lead at $123/week for houses.
Interestingly, Perth apartment room prices were up 17.2% in April to $218/week – the highest of all capitals. The most expensive rooms were (somewhat unsurprisingly) in Sydney, priced at $323/week, but only just. The NSW capital is followed closely behind by Canberra at $320/week.
Table 2: Price per room (Apartments versus Houses)
|Metro area||Apartments||% change from APR 2018||Houses||% change from APR 2018|
Median rents across the regions were stable in April and consistent with data from March. Regional rents saw the most significant upward spike in the Northern Territory (up 9.7% to $450/week) and rose in all states and territories with the exception of New South Wales which saw no change. Rents in the NT are now the most expensive across Australia at $450/week.
Table 3: Regional rents in April 2019
|State/Territory||Apr-19||% change from March 19|
Time on market.
Adelaide, Hobart and Canberra were the only Australian capitals where apartments saw an improvement in time on market month-on-month. Properties took an average of 19 days to lease in Adelaide (5% faster month-on-month) and 13 days in Hobart, a 13% improvement. In Canberra, apartments took 17 days (a 3% improvement). In Darwin, however, apartments were on market 21% longer, taking an average of 41 days to shift.
RENT CEO Greg Bader said that all in all, a slowdown recorded in many metro capitals for both apartments and houses was in line with trends from 12 months ago. “What we can see happening in April 2019 isn’t unlike what we saw in April 2018 and the number of properties leased on site have dropped, something we could put down to the extended period that took in Easter, school holidays and ANZAC Day,” he said.
Table 4: Days on market
|Metro area||APARTMENT days on market APR 2019||% change from MAR 2019||% change from APR 2018||HOUSES days on market APR 2019||% change from MAR 2019||% change from APR 2018|
|SYDNEY||26 days||11% slower||15% slower||26 days||1% faster||1% faster|
|MELBOURNE||19 days||2% slower||2% slower||23 days||2% slower||3% slower|
|BRISBANE||22 days||4% slower||21% faster||21 days||1% slower||22% faster|
|PERTH||28 days||0%||10% faster||28 days||0%||22% faster|
|ADELAIDE||19 days||5% faster||34% faster||20 days||5% faster||17% faster|
|HOBART||13 days||13% faster||26% faster||16 days||13% slower||15% faster|
|DARWIN||41 days||21% slower||17% slower||33 days||17% slower||2% faster|
|CANBERRA||17 days||3% faster||24% slower||21 days||10% slower||22% faster|