Rent.com.au has released its latest report for November 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:

  • Canberra (ACT) saw an increase in median rents for both apartments (up 0.6% to $452/week), houses (up 1.9% to $550/week) and the national price per room (up 3.2% to $210/week).
  • Sydney (NSW) and Melbourne (VIC) were the only two capitals to record no change in median rents.
  • The sharpest price increase was in Hobart where apartment rents rose 11.4% month-on-month.
  • Sydney houses came off market 19% faster in November, now taking an average of 25 days to lease.

How the states and territories compared in November 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 $530 0% $600 0% $265 ↓3.6%
MELBOURNE $410 0% $430 0% $175 0%
BRISBANE $400 0% $430 ↑2.4% $157 ↓1.5%
PERTH $320 ↓1.5% $360 ↓1.4% $125 0%
ADELAIDE $300 0% $380 ↑2.7% $135 ↑2%
HOBART $362 ↓3.3% $430 0% $165 ↑4.7%
DARWIN $350 0% $450 ↓10% $150 ↓0.5%
CANBERRA $452 ↑0.6% $550 ↑1.9% $210 ↑3.2%
National median $450 0% $440 0% $186 1.7%

Price trends

Median rents.
Australia’s rental market remained fairly subdued in November, with no change in capital city rental growth month-on-month.

Rental growth in the combined capital cities seems to have stagnated largely due to slowing in Sydney and Melbourne. However, regional rental markets saw a rise in weekly rents, up 1.4% nationally to $370/week.

Rent.com.au Chief Executive Greg Bader said: “What we can see is that as the housing market shifts into the next stage of the property cycle – moderate growth in some capitals, virtually none in others and falling prices in yet others, the country’s rental market is pretty fragmented.”

“This has been driven by local factors including jobs growth, population growth, consumer confidence and supply and demand,” he said.

The latest rental data found that the sharpest increase in median rents was in Adelaide, where house rents jumped up 2.7% month-on-month. The South Australian capital’s median rent (houses) is now $380/week, against $300/week (apartments). On the other hand, Darwin’s median rents for houses fell sharpest of all state/territory capitals, down 10% to $450/week.

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Price per room.

The cost of renting a room in Australia increased year-on-year in November, with the most noticeable change in house rents. The national median for houses in Australia’s metro areas was $150/week in November, up 4.7% from November ‘17. Across the state and territory capitals, the biggest jump was in Darwin apartment room prices, a 21.2% increase year-on-year, with rooms now priced at $200/week.

National apartment prices recorded less of a difference year-on-year but still rose 2.9% to $275/week. In November, the cheapest room for renters could be found in a Perth house – just $119/week.

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

Metro area Apartments % change from NOV  2017 Houses % change from
NOV  2017
SYDNEY $330 ↑4.8% $195 ↓1.7%
MELBOURNE $260 ↑4% $144 ↑5.4%
BRISBANE $240 ↑6.7% $136 ↑1.2%
PERTH $197 ↑5.3% $119 ↑2.3%
ADELAIDE $158 ↑2.4% $128 ↑2.7%
HOBART $207 ↑6.4% $162 ↑8.6%
DARWIN $200 ↑21.2% $145 ↓2.5%
CANBERRA $310 ↑3.3% $166 ↓3.8%
National median $275 2.9% $150 4.7%

 

Regional rents.
Median rents across Australia’s regional areas remained mostly stable in November, with minimal change in the median rent of $370 nationally. In a contrast to October, most states and territories saw a fall month-on-month in November: Western Australia (down 1.6%), South Australia (down 3.7%) Tasmania (down 1.7%), Northern Territory (down 2.2%) and Australian Capital Territory (down 9.6%). SA recorded the cheapest regional rent prices – a median of just $260 a week. 

Regional Rents
% change between October 2018 and November 2018
SOURCE: RENT.COM.AU © 2018

State/Territory October 2018 November 2018 % change
NSW $400 $400 0%
VIC $300 $300 0%
QLD $370 $370 0%
WA $336 $330 ↓1.6%
SA $270 $260 ↓3.7%
TAS $300 $295 ↓1.7%
NT $450 $440 ↓2.2%
ACT $520 $470 ↓9.6%
National median $365 $370 1.4%

 

Days on market.
The most noticeable shift month-on-month was in Canberra houses, which came off market 18% faster in November, taking 14 days on average to move. Melbourne apartments, however, came off market 5% slower in November, an average of 22 days to lease on Rent.com.au.

Compared to a year ago, Sydney apartments shifted 19% faster in November – perhaps indicative of the 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 November 2018 % change from October 2018 % change from November 2017 HOUSES days on market November 2018 % change from October 2018 % change from November 2017
SYDNEY 25 ↓4% ↑19% 24 ↓11% ↑9%
MELBOURNE 22 ↑5% ↑2% 22 ↓5% ↑1%
BRISBANE 22 ↓14% ↓14% 22 ↓15% ↓13%
PERTH 35 ↑3% ↓14% 29 ↓15% ↓20%
ADELAIDE 21 ↓3% ↓4% 20 ↓10% ↓2%
HOBART 12 ↓8% ↑8% 13 ↓12% ↓1%
DARWIN 37 ↓17% ↑6% 34 ↓1% ↑22%
CANBERRA 15 ↓6% ↓12% 14 ↓18% ↓9%
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