Photo: iStock/Imgorthand.

Property leasing data released by Rent.com.au for the January to March quarter (Q1 2018) illustrates the shift in Australian median rental property prices (both metro and regional), rental affordability (the median room price metric) and the price of walkability in each state and territory capital.

Q1 2018 Highlights:

  • Darwins rental market continued upward in Q1 2018 with price growth in the apartment sector. The median apartment price in the Northern Territory capital was $380/week, up 8.57% from Q4 2017. Darwin also recorded the most significant drop in house prices of all capitals; prices were down 8%.
  • House prices remained relatively stable in the latest report, with no change recorded in Brisbane, Perth, Adelaide or Canberra from Q1 2017.
  • Sydney topped the list for rental prices in Q1 for both apartments and houses ($540/week and $600/week, respectively).
  • Interest from investors, population growth and a shortage of accommodation resulted in considerable price growth quarter-on-quarter. Hobart’s median asking rent surged 7.81% (apartments) and 5.5% (houses). Prices in Tasmania’s regions were also up in Q1 by 3.7%.

Median rent

Prices surge upwards in Hobart, Tasmania

How the states and territories compared in Q1 2018
Median rent (apartments v houses)
Metro area Apartments % change Houses % change
SYDNEY $540 0% $600 ↓3.23%
MELBOURNE $420 ↑5% $420 ↑2.44%
BRISBANE $400 ↑2.56% $420 0%
PERTH $310 0% $360 0%
ADELAIDE $300 ↑1.69% $365 0%
HOBART $345 ↑7.81% $430 ↑7.5%
DARWIN $380 ↑8.57% $460 ↓8%
CANBERRA $430 ↑2.38% $510 0%
National median $440 0% $430 1.18%

 

Affordability

Adelaide’s apartments cheapest, but falls short under Perth for bargain houses

Price per room (apartments v houses)
Metro area Apartments Houses National
Price Per Room
Sydney $315 $200 $275
Melbourne $262 $140 $180
Brisbane $225 $135 $164
Perth $190 $116 $125
Adelaide $155 $123 $133
Hobart $200 $150 $160
Darwin $180 $150 $162
Canberra $180 $166 $200
National median $265 $143 $185

 

Regional median rent

Regional rents on the rise in South Australia

In Q1, regional median rents were largely unchanged from the previous quarter with the national median rent rising just 2.86% to $360/week. Prices did fall in South Australia (down 3.7% to $260/week) but in Tasmania they rose 3.7% to a median of $280/week.

The most significant rise in regional median rents was in Victoria, where prices jumped 1.75% to $290/week.

Regional rents

State Q4 2017 Q1 2018 % change
NSW $390 $395 ↑1.28%
VIC $285 $290 ↑1.75%
QLD $350 $350 0%
WA $330 $330 0%
SA $270 $260 ↓3.7%
TAS $270 $280 ↑3.7%
NT $450 $450 0%
ACT unavail unavail unavail
National median $350 $360 2.86%

 

Time on market

Darwin houses slow considerably quarter-on-quarter

Across the board, the most significant change in the average time on market took place in Hobart and in Darwin. Hobart apartment turnover slowed by 19% in the period to 35.9 days, while Darwin’s market saw a significant slow-down in the period and dropped 36% to 42 days on average.

Change was far less significant for most other state and territory capitals; the biggest improvement (5%) was recorded in Melbourne (apartments), Brisbane (apartments), Darwin (apartments), Canberra (apartments), and Perth (houses).

Time on market change between Q1 2018 and Q4 2017
Metro area Apartments % change Houses % change
SYDNEY 23 days 5% slower 26.8 days 21% slower
MELBOURNE 20.7 days 5% faster 22.7 days 3% slower
BRISBANE 26.8 days 4% faster 26.9 days 5% slower
PERTH 41 days 0% 36.6 days 3% faster
ADELAIDE 25.1 days 1% slower 23.1 days 5% slower
HOBART 14 days 19% slower 16 days 15% slower
DARWIN 35.9 days 5% faster 42 days 36% slower
CANBERRA 16 days 5% faster 19 days 11% slower

 

Walk Score®

The price of walkability

Rent.com.au compared its Walk Score® data to its median rent price to identify price trends in areas with varying levels of walkability in Q1 2018.

Median rent – Apartments in Q1 2018
Walk Score NSW VIC QLD WA SA TAS NT ACT
Car dependent $320 $300 $290 $290 $250 $250 $370 $380
Somewhat walkable $440 $330 $330 $290 $270 $235 $380 $400
Very walkable $490 $375 $370 $310 $290 $295 $450 $450
Walker’s paradise $570 $390 $430 $390 $400 $375 $440 $480

Renters seeking bargain accommodation would have found the most affordable (and walkable) apartments in Tasmania, according to the Q1 2018 data. Walker’s paradise apartments cost, on average $375/week to rent in TAS. Next most walkable (and affordable) was Victoria, costing $390/week.

For a property to rank as a walker’s paradise on Rent.com.au via the website’s integrated Walk Score® data, it must be scored between 90-100. These properties are typically well sought-after by renters looking to run daily errands without the need of a car.

The most affordable median rent for a walker’s paradise house in Q1 was $450/week – this quarter split between South Australia and Tasmania. Western Australia followed close behind ($470/week), followed by Queensland ($470/week). New South Wales houses remained priciest, topping the list at $795/week for a walker’s paradise property.

Median rent – Houses in Q1 2018
Walk Score NSW VIC QLD WA SA TAS NT ACT
Car dependent $440 $370 $380 $350 $320 $300 $500 $495
Somewhat walkable $460 $390 $395 $360 $350 $310 $480 $500
Very walkable $540 $450 $420 $390 $390 $375 $415 $495
Walker’s paradise $795 $600 $470 $460 $450 $450 $635 $547


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