Rent.com.au has compiled a report based on property leasing data from the month of May, illustrating the shift in median rental property prices (both metro and regional) and rental affordability (the median room price metric).

Photo: Pixabay/GoodGuyPaul1

Sydney rent prices climbed 3.86 per cent higher in May to $570/week, keeping a tight rein on its top position as Australia’s highest priced capital.

Average Median Rent - May 2017

Metro areaAPRMAY% CHANGE
Sydney metro$550$5703.64%
Brisbane metro$400$4000%
Melbourne metro$395$4001.27%
Perth metro$355$350-1.41%
Adelaide metro$330$3351.52%
Canberra metro$460$4600%
Hobart metro$380$3800%
Darwin metro$450$430-4.44%
National median$430$4300%

Across Australia, days on market increased as much as 18.75 per cent in Canberra metro (19 days) but remained consistent in Sydney (20 days).

 

 

 

 

 

 

 

Properties in Perth metro leased 2.68 per cent faster in May, taking 44 days on average to clear, with the weekly median rent remaining steady at $350/week.

In Darwin, average median weekly rent fell by 4.44 per cent to $430 per week, with turnover speeding up significantly (22.09 per cent) to 33.5 days from 43.

 

 

 

 

 

 

 

Brisbane remained steady with no change in weekly median rent in the month of May. Properties leased 3.22 per cent slower, taking on average 32 days.

Average Days on Market - May 2017

Metro areaAPRMAY% CHANGE
Sydney metro20200%
Brisbane metro31323.22%
Melbourne metro2221-4.54%
Perth metro40.5442.68%
Adelaide metro25.5284.30%
Canberra metro161918.75%
Hobart metro1817-5.55%
Darwin metro4333.5-22.09%

 

 

 

 

 

 

 

Melbourne median rent prices rose 1.27 per cent to $400/week, despite a 4.54 per cent drop in days on market, now 21 days on average.

 

 

 

 

 

 

 

In Adelaide metro, the median weekly rent of $335 also remained unchanged with no movement since last month and turnover slowing to 28 days.

Rents in Hobart ($380) and Canberra ($460) recorded no change in May from April. Turnover slowed in both capital cities, down 4.3 per cent in Adelaide to 28 days and 18.75 per cent in Canberra, now 19 days on average.

In the regions, the cheapest apartments could be found in South Australia (an average of $190/week), while New South Wales continued to dominate the rankings with top position as Australia’s most expensive regional area for apartment living ($385/week).

Regional Median Rent by State - May 2017

StateApartmentsHousesState median
NSW$300$400$385
VIC$215$290$280
QLD$260$350$335
WA$300$350$340
SA$190$260$250

Source: rent.com.au. Figures for properties leased in the month of May 2017.
Note: Suburbs with less than 10 properties leased in a month excluded from ranking.

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