Rent.com.au has released its latest report for December 2018 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.

Monthly Highlights:

  • Hobart (TAS) saw an increase in median rents for both apartments (+11.1% to $400/week), houses (+4.6% to $450/week) and the price per room (+2% to $168/week).
  • Brisbane was the only capital city to record no change in median rents for apartments or houses, stable at $400/week and $430/week respectively.
  • The sharpest price increase was in Darwin where house rents rose 11.1% month-on-month.
  • Darwin apartments were on market 15% longer in December, now taking an average of 44.5 days to lease.

How the states and territories compared in December 2018
Median rent (apartments v houses) and price per room
SOURCE: RENT.COM.AU © 2018

Metro area Apartments % change Houses % change Price per room % change
SYDNEY $510 -3.7% $600 0% $260 -1.8%
MELBOURNE $400 -2.4% $430 0% $175 0%
BRISBANE $400 0% $430 0% $162 +3.4%
PERTH $320 0% $370 +2.7% $125 +1.3%
ADELAIDE $300 0% $385 +1.3% $136 +1.2%
HOBART $400 +11.1% $450 +4.6% $168 +2%
DARWIN $350 -0.7% $500 +11.1% $150 0%
CANBERRA $467 +1.6% $530 -3.6% $210 0%
National median $440 2.2% $450 2.2% $185 0%

Price trends

Median rents.

According to the latest Rent.com.au Rental Snapshot for December, the sharpest change in median rents from November through to December occurred in Hobart, which recorded an 11.1% rise in the median cost of apartments (now $400/week) and 4.6% for houses (now $450/week).

Although Sydney rental values have been relatively high over the year, Rent.com.au’s data recorded a subtle levelling towards late 2018, with median rents in the New South Wales capital (apartments) down 3.7%, the lowest apartments rents have been in the last 12 months.

Summarising the change in apartment median rents in December, higher month-on month – Hobart (+11.1%) and Canberra (+1.6%), while lower month-on-month were Sydney (-3.7%), Melbourne (-2.4%) and Darwin (0.7%).

For house median rents, higher month-on-month – Perth (+2.7%), Adelaide (+1.3%), Hobart (4.6%) and Darwin (+11.1%), against a decline month-on-month in Canberra (-3.6%).

Combined capital city house rents were $440/week and apartments, $450/week. Combined regional market rents were $370/week for both property types.

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Price per room.

The cost of renting a room in an apartment was highest in Canberra, recording a median price per room of $325/week. In December, the cheapest room prices could be found in Perth, where a room in a shared house would average $123/week.

Perth also recorded the most significant increase year-on-year, up 5.7% from December 2017.

On the apartment front, the most substantial increase in price per room year-on-year was in Hobart, where the price per room rose 12% to $243/week.

Price per room year-on-year: Apartments v Houses
SOURCE: RENT.COM.AU © 2018

Metro area Apartments % change from DEC  2017 Houses % change from
DEC  2017
SYDNEY $300 -7.6% $193 -2.1%
MELBOURNE $250 ↑1% $143 +2.3%
BRISBANE $240 +4.3% $140 +3.7%
PERTH $190 -3.8% $123 +5.7%
ADELAIDE $150 -3.2% $126 -0.3%
HOBART $243 +12% $166 0%
DARWIN $183 +3.5% $143 -2.3%
CANBERRA $325 +4.8% $173 +0.2%
National median $254 4.9% $147 +0.7%

 

Price trends

Regional rents.

Median rents across Australia’s regional areas remained stable in December, with no change in the median rent of $370 nationally. In a contrast to November, half of the country’s states and territories saw an increase month-on-month in regional rents in December: Northern Territory (up 6.8% to $470/week), Western Australia (up 3% to $340/week), Tasmania (up 1.6% to $300/week) and Queensland (up 1.3% to $375/week).

South Australia
recorded the cheapest regional rents in December – a median of $260/week, while the Northern Territory regional rents were highest in the country, up 6.8% to $470/week.

Regional Rents
% change between Nov 2018 and Dec 2018
SOURCE: RENT.COM.AU © 2018

State/Territory Nov 2018 Dec 2018 % change

NSW

$400 $400 0%

VIC

$300 $300 0%
QLD $370 $375 +1.3%

WA

$330

$340 +3%

SA

$260 $260 0%
TAS $295 $300 +1.6%
NT $440 $470 +6.8%

ACT

unavail unavail n/a
National median $370 $370 0%

Days on market.

The most noticeable shift month-on-month was in Darwin apartments, which took 44.5 days on average to lease in December – 15% longer than the month prior.

The most significant improvement in days on market year-on-year was in Sydney, where houses moved 18% faster off market than they did in December 2017 – a sign of some gradual flattening taking place in the NSW capital’s housing market.

Days on market
% change in no. days on market (Apartments v Houses)
SOURCE: RENT.COM.AU © 2018

Metro area APARTMENTS days on market Dec 2018 % change from Nov 2018 % change from Dec 2017 HOUSES days on market Dec 2018 % change from Nov 2018 % change from Dec 2017
SYDNEY 26.8 days +8% +17% 27 days +13% +18%
MELBOURNE 21.9 days 0% +3% 21.9 days -1% 0%
BRISBANE 22.7 days 0% -14% 22 days 0% -14%
PERTH 33.9 days -4% -10% 28.8 days -1% -17%
ADELAIDE 23 days +9% -16% 21.2 days +2% -3%
HOBART 12.8 days +6% +3% 13 days -2% -7%
DARWIN 44.5 days +15% +16% 33 days -3% -13%
 CANBERRA 17.2 days +13% +13% 16.2 days +10% -3%

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