Rental property website has released its report for October 2021, 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. Download the full report here. Rental Snapshot Highlights:

  • New listings in the ACT are up 30.4% for the month, while available rentals in the NT are up 4.6% since September 2021.
  • Canberra is the most expensive city in the country to rent an apartment at $500/week
  • Melbourne apartments stayed on market longer than any other metro area in October, taking an average of 35 days to lease.

Table 1: Median rent (apartments v houses) and price per room

Metro areaApartments% changeHouses% changePrice per room% change
National median$4302.40%$4851%$2052.50%
Source: 2021

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Price trends in October 2021

Median rents.

As our economy continues to benefit from easing COVID-19 restrictions, Australia looks to be able to benefit from falling vacancy rates. Next month (November) will see the re-opening of international borders to some states, and the return of potential overseas investors, which may begin to re-fuel the rental market, particularly on the eastern states.

Australia finally emerged from various forms of lockdown in October, which could mean that some renters will soon find it easier – although not cheaper – to search and to move. The country’s rental market remains competitive across the board, as new listings are down 29% year-on-year, but some cities are providing more choice for would be renters.

New listings in the Australian Capital Territory are up 30.4% for the month, while available rentals in the Northern Territory are also up by 4.6% since September 2021. In the year to October 2021, the biggest falls in available rental stock were in Western Australia and South Australia, both down 24% in the last 12 months.

Easing restrictions in cities like Melbourne and Canberra will buoy the rental market and open up more stock to rental seekers who have likely been patiently waiting to find a property these last few months. We’re likely to see ongoing strength in new listings in coming months as the full effect of these changes flows through to the rest of the country.

In October, the median weekly rental price across all capital cities was $430/week for apartments, and $485/week for houses. It won’t be a revelation to renters, but Canberra is still the most expensive city in the country to rent an apartment at $500/week. Looking at houses, Sydney remains the most expensive city at $650/week, followed by Darwin where a rental property will set you back $580/week, Canberra at $540/week and Brisbane and Hobart at $500/week.

Price per room.

Overall, Australia’s rental market continues to record an above average rate of growth. Considering the room price measure, which offers another way to look at the cost of renting, both apartments and houses showed consistent upward change year-on-year.

Nationally, apartments were up 9% year-on-year to a median of $273/week per room, versus $163/week for house, up 6.5% from October 2020. The country’s priciest rooms in October were in Canberra for apartments at $375/week, and in Sydney for houses at $217/week.

Table 2: 12-month change in price per room (Apartments versus Houses)

Metro areaApartments% change from OCT 2020Houses% change from Oct-20
National median$2739%$1636.50%
Source: 2021

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Regional rents.

Across the regional markets, South Australia (up 7.6%), Northern Territory (up 2.4%) and New South Wales (up 2.2%) led the pace of rental gains, while Victoria was the only state to record a marginal fall in rental values in October (down 2.7%).

With regional rents rising nationally once again in October, up 0.7% to $430/week, it’s possible that rental affordability could become more of a challenge in some of Australia’s more popular markets.

In October 2021, the Northern Territory held a firm grasp on pricing, remaining the least affordable of all states and territories; the median now $520/week, up 2.4% from September.

Table 3: Regional rents in October 2021

State/TerritoryOct-21% change from SEP 2021
National median$4300.70%
Source: 2021

Time on market.

Rent’s average time on market measure looks at the change in leasing time for rentals across Australia. Month-on-month, the most significant shift was in Canberra, where apartments took 37% longer to lease than in September, now averaging 20 days. In October, houses also picked up the pace, with Adelaide showing promise, averaging 16 days to lease, 15% faster than the previous month.

Melbourne apartments, affected in-part by ongoing lockdown restrictions and limited movement for half the month, stayed on market longer than any other metro area in October, taking an average of 35 days to lease.

Looking at other property types, Hobart houses moved quickest of all metro capitals, taking 14 days on average, 14% faster than the month before.

Table 4: Time on market in October 2021

Metro areaAPARTMENTS (Oct 2021)% change from Sep 21% change from Oct 20HOUSES (Oct 2021)% change from Sep 21% change from Oct 20
SYDNEY29 days11% slower3% faster21 days1% faster5% faster
MELBOURNE35 days7% faster4% slower24 days5% slower6% slower
BRISBANE21 days1% slower22% faster17 days12% slower11% slower
PERTH18 days6% faster14% faster16 days1% slower3% slower
ADELAIDE18 days5% faster14% faster15 days6% faster5% faster
HOBART20 days15% slower1% slower14 days14% faster15% faster
DARWIN21 days24% slower25% slower20 days10% slower25% slower
CANBERRA20 days37% slower10% faster17 days1% faster8% slower
Source: 2021

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