Rent.com.au has released its report for August 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.
Rent.com.au Rental Snapshot Highlights:
- August 2019 was the first time the national price per room for Melbourne has risen since September last year. Room prices shifted upward from $150/week (Sept ’18) to $155/week (Aug ’19).
- For houses, median rents in Perth were up 1.4% in August to $375/week. This was the first rise in median rents in the WA capital since December 2018.
- Despite Sydney’s decline in apartment rents, it remains the metro capital with the highest median rent for both property types.
- Darwin national room prices recorded the most significant increase of all capitals, month-on-month, up 3.5% to $155/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|
Price trends in August 2019
Across Australia’s metro areas, rents stayed relatively flat in August 2019. This month, Melbourne was the only capital to see a consistent decrease in the median rent across both property types (apartments and houses), with rents down this month 2.4% to $410/week and 2.3% to $420/week respectively.
For houses, median rents in Perth were up 1.4% in August to $375/week. This was the first rise in median rents in the WA capital since December 2018.
There was no change to the median rent for apartments in Brisbane or Perth, or for houses in Sydney or Adelaide this month.
The most affordable apartments in August could be found in Adelaide, with asking rents at $310/week.
Price per room in August 2019
Rent.com.au’s price per room metric offers another way to look at the cost of renting in Australia, particularly for people looking to share a home and save money. Looking at the August data, Sydney was the only metro capital to see a fall in house room prices, year-on-year. Room prices here dropped 2.1% to $194/week, a fall from $198/week in August 2018. Melbourne saw a fall in room prices year-on-year for the first time since August 2016.
All other capitals, however, recorded a yearly increase. The most significant of those was in Hobart, up 13% year-on-year to $166/week.
Table 2: Price per room (Apartments versus Houses)
|Metro area||Apartments||% change from AUGUST 2018||Houses||% change from AUGUST 2018|
Rentals in the Northern Territory’s regions recorded the most significant price spike in August, jumping 9.5% to $460/week. The NT was just one of two areas to see an increase: Western Australia’s regional rents also rose 4.6% to $340/week while all remaining states and territories saw price drops. South Australia saw prices fall 7.1% to $260/week.
Table 3: Regional rents in August 2019
|State/Territory||Aug-19||% change from July 19|
Time on market.
Rent.com.au’s average time on market measure provides context to the movement in asking rents across the country. Perth apartments were on market for longer for the fifth consecutive month running since April 2019. The WA capital took 32 days – on average – for apartments to be leased.
Month-on-month, five of eight capitals saw apartments move faster, with the only time on market slowdowns in Melbourne, Brisbane and Perth. The most significant change in property leasing time year-on-year from August 2018 was in Hobart. Houses in the TAS capital were leased 26% faster, now averaging 15 days to lease.
Table 4: Days on market in August 2019
|Metro area||APARTMENT days on market AUG 2019||% change from JUL 2019||% change from AUG 2018||HOUSES days on market AUG 2019||% change from JUL 2019||% change from AUG 2018|
|SYDNEY||28 days||2% faster||12% slower||28 days||0%||7% slower|
|MELBOURNE||23 days||5% slower||11% slower||26 days||1% faster||11% slower|
|BRISBANE||21 days||15% slower||12% faster||22 days||2% slower||8% faster|
|PERTH||32 days||1% slower||13% faster||31 days||3% slower||15% faster|
|ADELAIDE||19 days||10% faster||21% faster||21 days||2% faster||12% faster|
|HOBART||13 days||8% faster||23% faster||15 days||22% faster||26% faster|
|DARWIN||29 days||7% faster||17% faster||31 days||6% faster||25% faster|
|CANBERRA||19 days||13% faster||23% slower||20 days||9% faster||15% slower|