Rental property website Rent.com.au has released its report for October 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.
Rent.com.au Rental Snapshot Highlights:
- Melbourne, Brisbane and Perth saw an increase in their respective price per rooms for both apartments and houses year-on-year.
- Median rents shifted most significantly in Darwin – house rents jumped 6.7% to $480/week.
- The most noticeable shift in time on market year-on-year was in Canberra. Properties came off market 38% faster this October than they did last October, now taking just 22 days.
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Table 1: Median rent (apartments v houses) and price per room
|Metro area||Apartments||% change||Houses||% change||Price per room||% change|
Price trends in October 2019
Perth’s apartment median rents fell back down in October, after gaining some momentum in September. The latest data release from rental property website Rent.com.au recorded a 2.9% drop to $330/week, down from $340/week the month prior.
Similar trends could be seen in Adelaide, where apartment prices dropped 1.6% to $305/week – the first fall for the South Australian capital since April 2019. Perth also saw its house prices fall in October, down 1.3%.
Price per room in October 2019
Three of Australia’s largest capitals recorded an increase in the price per room across both property types, considering the change from October 2018. In both instances, the most significant of those increases was in Melbourne. The Victorian capital saw an 8% jump in the price per room for an apartment ($270/week) and a 9.7% rise in house room prices – now $150/week. Both Brisbane and Perth also recorded price rises across the board, year-on-year.
The metro price per room for apartment went up 6.6% from last October, accounted for by a rise in price per room in all but one state/territory last month. Hobart apartment room prices fell 1.9%. The biggest annual jump was in Sydney metro, with apartment room prices up 8.2% to $330/week.
Table 2: Price per room (Apartments versus Houses)
|Metro area||Apartments||% change from OCT 2018||Houses||% change from OCT 2018|
After a rise in September, things levelled out in October, with regional rents unchanged month-on-month and stable at $380/week. The most significant change overall was in South Australia, with rents up 3.7% to $280/week. This was closely followed by a 3.1% rise in Victoria to $325/week. The highest rental prices could be found in the Northern Territory’s regional areas ($430/week). The most affordable could be found in South Australia at $280/week.
Table 3: Regional rents in October 2019
|State/Territory||Oct-19||% change from Sept 19|
Time on market.
Rent.com.au’s average time on market measure provides context to the movement in asking rents across the country. The most noticeable shift in time on market year-on-year was in Canberra. Properties came off market 38% faster this October than they did last October, now taking just 22 days. Hobart properties came off the rental market faster than in any other metro capital, according to the new data from Rent.com.au. On average, apartments took just 15 days to lease.
Overall, houses shifted faster than apartments month-on-month, with the bulk of this property type off market faster in October than in September. Just Melbourne and Canberra recorded a slowdown month-on-month, 5% and 1% slower respectively.
Table 4: Days on market in October 2019
|Metro area||APARTMENT days on market OCT 2019||% change from SEP 2019||% change from OCT 2018||HOUSES days on market OCT 2019||% change from SEP 2019||% change from OCT 2018|
|SYDNEY||27 days||0% slower||7% slower||28 days||0%||4% slower|
|MELBOURNE||21 days||4% slower||17% faster||23 days||5% slower||11% faster|
|BRISBANE||22 days||7% faster||7% slower||24 days||7% faster||2% slower|
|PERTH||32 days||4% slower||8% faster||29 days||3% faster||14% faster|
|ADELAIDE||19 days||7% slower||12% faster||20 days||3% faster||13% faster|
|HOBART||15 days||11% slower||26% slower||16 days||5% faster||7% slower|
|DARWIN||30 days||11% slower||34% faster||32 days||11% faster||9% faster|
|CANBERRA||22 days||10% slower||38% faster||23 days||1% slower||27% slower|