Rent.com.au has released its latest report for February 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.
- Across the board, all but two states and territories (Brisbane, unchanged and Perth down 0.7%), recorded an increase in apartment median rents in February.
- Hobart’s apartment rents rose most significantly of all capitals, up 4.2% to $365/week. The TAS capital also saw the steepest increase in price per room for all dwelling types, up 7.8% to $183/week.
- Growth recorded in Darwin’s rental market in February – apartments rose 2.9% to $350/week and houses were up 2% to $490/week.
- Across all property types, Perth was the cheapest place to rent a room in January at $126/week.
Table 1: How the states and territories compared in February 2019
Median rent (apartments v houses) and price per room
|Metro area||Apartments||% change||Houses||% change||Price per room||% change|
The strongest-performing capital city was Hobart, where apartment median rents increased by 4.2% to $365/week, Rent.com.au reported.
Nationally, there was a 2.2% rise in apartment values in February, which was driven upward by movement in Sydney (3.8%), Melbourne (2.3%), Adelaide (1.6%), Hobart (4.2%), Darwin (2.9%) and Canberra (3.3%).
Sydney remains the most expensive metro area for Australian house hunters with median apartment rents up 3.8% to $540/week and houses stable at $600/week. 2019 at the top of the list, unchanged as the most expensive metro area for Australian renters looking to rent an apartment ($520/week) or house ($600/week).
Perth, Adelaide still hottest spots to score a shared accommodation bargain
Renting a standalone property isn’t for everyone. Situation-dependent, renters often find it easier to apply for a shared accommodation option to ease the financial burden, rather than going it alone.
According to Rent.com.au’s latest data, which considers the room price metric (for price per room), Perth remains the cheapest capital to rent an individual room in a house ($120/week), while Adelaide takes the lead at $162/week for apartments.
The data showed that Sydney (perhaps unsurprisingly) once again outranks all other capitals at $197/week for a room in a house.
Hobart houses recorded the most significant increase in room price year-on-year, up 13.3% to $170/week from February 2018.
Table 2: 12 month change in Price Per Room
|Metro area||Apartments||% change from FEB 2018||Houses||% change from|
NT regional rents down but still highest across the country
No real relief in sight for renters in the Northern Territory regions. The territory remained most unaffordable across the country in February. The median price in the regions was $445/week. The only state to record an increase was Tasmania, which jumped 3.3% to $310/week.
|State/Territory||Feb-19||% change from Jan|
Perth market starts moving in February
The number of days on market for properties in Perth improved most significantly of all state/territory capitals month-on-month. Apartments shifted 30.1% faster to take 35 days on average to lease, against a 30.5% improvement for houses, now 30 days.
“Some health leasing activity coming over from the January/February rush has increased demand, so renters will have needed to act fast to secure their rental of choice,” Rent.com.au CEO Greg Bader said. “This is good news – it shows landlords are taking heed of advice from their property managers and rental data to price their properties competitively from the start.”
Table 4: Days on market | % change in no. days on market (Apartments v Houses)
|Metro area||APARTMENT days on market FEB 2019||% change from JAN 2019||% change from FEB 2018||HOUSES days on market FEB 2019||% change from JAN 2019||% change from FEB 2018|
|SYDNEY||26||26% faster||21% slower||27||26.9% faster||8% slower|
|MELBOURNE||20||22.3% faster||2% slower||25||14% faster||18% slower|
|BRISBANE||21||7.2% faster||20% faster||22||9.6% faster||16% faster|
|PERTH||31||14.2% faster||13% faster||27||22.5% faster||19% faster|
|ADELAIDE||25||6.2% faster||4% slower||21||7.6% faster||3% faster|
|HOBART||17||19.9% slower||19% slower||17||6.1% faster||6% slower|
|DARWIN||35||30.1% faster||5% faster||30||30.5% faster||19% faster|
|CANBERRA||17||11% faster||23% slower||18||14.2% faster||19% slower|
About the report
The Rent.com.au Rental Snapshot, released monthly and quarterly each year, reports rental data from all active listings across Australia listed on Rent.com.au. Data is aggregated on a monthly basis to calculate median asking rents for the country’s eight capital cities, providing a comprehensive view of the current state of the market. The report is based on all property leasing data from the month.
To keep up-to-date with rental market changes across the country, like or follow Rent.com.au on Facebook, Twitter, LinkedIn or Google+ or visit the Rent.com.au Blog. In the market for a new place? Search properties for rent on Rent.com.au.