Rent.com.au has released its latest report for March 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.
- Half of Australia’s states and territories (Perth, Hobart, Darwin and Canberra) recorded an increase in house median rents in March.
- Hobart was the strongest performer month-on-month with house rents up 4.6%.
- The steepest decline in regional rents was in the NT – down 9% month-on-month.
- Across all property types, Perth was the cheapest place to rent a room in January at $126/week.
Table 1: Median rent (apartments v houses) and price per room
|Metro area||Apartments||% change||Houses||% change||Price per room||% change|
SOURCE: RENT.COM.AU © 2019
The strongest-performing capital city in March was Hobart, where house rents jumped 4.6% to $450/week, Rent.com.au reported. Hobart wasn’t alone in its increase, however, with half the states/territories recording
Median house rents in Perth are the lowest of any capital city, despite a small increase in March, but housing conditions remain a challenge for the WA capital.
On a national level, apartment prices were stagnant, brought about by rent falls in the country’s smaller capitals, but levelled out with small rises in Sydney and Melbourne, up 1.9% and 2.4% respectively.
Adelaide apartment rooms still cheapest, but costs fall in Darwin
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), Adelaide remains the cheapest capital to rent an individual room in an apartment ($155/week), while Perth takes the lead at $120/week for houses.
The metric also showed that Sydney once again outranked all other state/territory capitals at $265/week for a single room (national price per room – page 2 table). Broken down by property type, both apartments and houses were least affordable of all capitals (apartments – $320/week, houses – $200/week).
Table 2: Price per room (Apartments versus Houses)
|Metro area||Apartments||% change from MAR 2018||Houses||% change from|
Median rents down in the NT but remain highest of all states/territories
Median rents across the regions were stable in March – consistent with data from February. Rents dropped in Western Australia (down 2.9% to $330/week), South Australia (down 5.5% to $260/week) and Tasmania (down 3.2% to $300/week). The steepest decline, however, was in the Northern Territory (down 9% to $405/week), despite maintaining its position as ‘most unaffordable’ for rents in the regions.
Adelaide market kicks into gear in March
Adelaide apartments saw the most significant improvement in time on market in March; taking 20 days to shift on average (19.9% faster). Houses in the SA capital were also off market 0.4% faster in March – now 21 days. For houses, the most noticeable shift month-on-month for houses was in Darwin – this property type came off market 10% faster in March, an average of 26 days to move.
RENT CEO Greg Bader said noticeable movement across most capitals indicated healthy leasing activity which has prompted increased demand. “Good news for property owners and investors who are starting to see their vacancy time reduced,” he said.
Table 3: Days on market
|Metro area||APARTMENT days on market MAR 2019||% change from FEB 2019||% change from MAR 2018||HOUSES days on market MAR 2019||% change from FEB 2019||% change from MAR 2018|
|SYDNEY||24 days||6.4% faster||14.3% slower||27 days||1.8% slower||14.3% slower|
|MELBOURNE||18 days||6.5% faster||6.1% slower||23 days||4.3% faster||14.1% slower|
|BRISBANE||21 days||1.4% slower||15% faster||21 days||1.9% faster||17.4% faster|
|PERTH||28 days||7.3% faster||18.4% faster||28 days||3.6% slower||17.7% faster|
|ADELAIDE||20 days||19.9% faster||16.1% faster||21 days||0.4% faster||7.4% faster|
|HOBART||15 days||5.2% faster||22.4% slower||14 days||12.2% faster||4.8% faster|
|DARWIN||34 days||0.1% faster||20.8% slower||26 days||10% faster||27.1% faster|
|CANBERRA||17 days||6.3% slower||28.5% slower||19 days||6.6% slower||13.4% slower|