Property leasing data released by rent.com.au for the month of October illustrates the shift in Australian median rental property prices (metro and regional) and rental affordability (the median room price metric).
- Sydney’s house prices show no sign of falling; prices increased 3.33% to a median of $620/week – still the highest prices in the country by far.
- com.au’s October property data indicates the national median remained stable month-on-month; median prices unchanged for apartments, houses and price-per-room (rental affordability).
- After a downturn in apartment prices in September for Sydney, median rents remained stable in October for the New South Wales capital.
- The price of Perth apartments (now $320/week) rose most significantly of all state capitals – up 3.23% in October.
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Shift in days on market
In Rent.com.au data for October, the most significant market slow down was in Tasmania’s capital. Hobart saw a 13.7% increase month-on-month, bringing the days on market for houses to 14.1 days on average. Apartments in Hobart, however, moved slightly faster in October – a 3.5% change to 11.5 days. Houses in Sydney recorded the second most substantial change in days on market in October, dropping 11.4% from September (now 22.1 days). Houses in Brisbane, Canberra, Darwin and Perth also recorded a decrease month-on-month – days on market down across the board.
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House hunters would have found the most affordable rental stock in Adelaide in October. Prices in the South Australian capital dropped 1.69% month-on-month to just $290/week. Hobart was a close second at $312/week (down 0.79%).
Perth’s rental market is showing early signs of recovery with apartment prices in the WA capital up 3.23% for the month to $320/week, now just the third most affordable in the country.
While Sydney apartment prices showed signs of stability in October, house prices were on the up. Rising 3.33%, the median rent for houses in the New South Wales capital was recorded at $620/week. Sydney continues to outrank all other Australian capitals in median house prices – only Canberra and Darwin come close at $500/week respectively.
Conditions around the country, however, were largely stable. Perth, Adelaide, Hobart, Darwin and Canberra were unchanged month-on-month. Melbourne was the only capital to record a decrease in October – down 2.44% to $400/week.
Notwithstanding a rise in apartment prices, Perth held its lead as the capital with the cheapest room prices in September; with prices lower than all other capitals. The city’s price-per-room rose 1.22% to $121/week. Perth continues to present great opportunities for renters looking to snap up properties at a good price. Consistent with the September report, Adelaide followed close behind, with room prices steady at $130/week.
Across the country, six out of eight capitals recorded room prices less than the national median price-per-room ($175/week). The country’s priciest rooms were, somewhat unsurprisingly, found in Sydney at $275/week across all dwelling types.
Broken down, it would cost a renter $325/week for a room in a Sydney apartment, against a house price-per-room of $200/week.
Prices across the regions
The Northern Territory was the one Australian capital to record a drop in regional median rent prices month-on-month. NT rents fell 1.08% to $455/week. Comparatively, prices rose in three state capitals; Victoria up 1.78% to $285/week, Western Australia up 1.56% to $325/week and South Australia up 1.96% to $260/week. In October, NT continued to hold the lead title for most expensive regional rentals. Despite its price decrease dropping rents by 1.08%, prices remained high at $455/week. New South Wales trailed behind at $380/week, unchanged month-on-month.
Rent.com.au (ASX:RNT) is Australia’s #1 website dedicated to rental property and delivers a single marketplace for renters, agents and landlords.
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