Property leasing data released by Rent.com.au for the April to June quarter (Q2 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.

Q2 2018 Highlights:

  • Darwin’s rental market continued upward in Q2 2018 with a jump in the price of houses. The median house price in the Northern Territory capital was $500 a week, up 6.3% from Q1 2018.
  • House prices remained relatively stable in the latest report, with no change recorded in Sydney, Melbourne, Brisbane or Hobart from Q2 2018.
  • Sydney once again topped the list for rental prices in Q2 for both apartments and houses ($550/week and $600/week, respectively).
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How the states and territories compared in Q2
Median rent (apartments v houses) and price per room
SOURCE: RENT.COM.AU © 2018

Metro area Apartments % change Houses % change
SYDNEY $550 ↑2.8% $600 0%
MELBOURNE $400 ↓4.7% $420 0%
BRISBANE $395 ↓1.2% $420 0%
PERTH $320 ↑3.2% $350 ↓2.7%
ADELAIDE $295 ↓1.6% $370 ↑1.3%
HOBART $350 ↑1.4% $430 0%
DARWIN $365 ↓1.2% $500 ↑6.3%
CANBERRA $430 0% $520 ↑1.9%
National median $450 0% $430 0%

PRICE TRENDS

Median Rents

Rent.com.au’s Quarter 2 (Q2) 2018 report, covering the months of April through June showed a relatively steady period, with median rent prices stable for apartments and houses nationally. Broken down by state and territory, however, there was more movement in apartments than in houses. Apartment median rents fell in four of the eight capital cities including Melbourne (4.7% to $400 a week), Adelaide (1.6% to $295 a week), Hobart (1.4% to $350 a week) and Brisbane (1.2% to $395 a week).

Rent.com.au Chief Executive Officer, Greg Bader said Melbourne’s 4.7% drop in apartment pricing and stablised price for houses (no change) showed the rental market remains strong and competitive but appears to be stagnating. “An influx of first-home buyers likely cashed up by stamp duty concessions have contributed to this slowing in the Melbourne market because they look at more affordable options in the outer and western suburbs,” he said. “The silver lining for potential investors in terms of demand is population growth which will help to drive up values.”

The most significant jump in pricing was in Perth, with apartments up 3.2% to $320 a week. The general market improvement means some property investors and agents will be seeing some of their lowest vacancy rates in some time, keeping rents strong with some increases. The improvement is likely to prompt moderate rental increases with lease renewals as vacancy periods are smaller than faced in 2017, giving investors and agents more negotiating power with leases and moderate increases.

Sydney, Melbourne, Brisbane and Hobart house median rents were stable between Q1 and Q2, stationary at $600, $420, $420 and $430 respectively. With only Canberra as its closest contender price-wise ($520/week), Sydney remains the most expensive city in Q2 for house hunters – a median rent of $600 a week.

Price Per Room

Renting a whole property isn’t for everyone. Renters may find it easier to apply for shared accommodation to share with other renters, rather than going it alone and paying the full amount. According to Rent.com.au’s latest report which considers the room price metric, Adelaide is the cheapest place to rent a room in an apartment ($150 a week) while Perth takes the lead for cheap rooms in houses (just $120/week).

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

Metro area Apartments % change from Q1 2018 Houses % change from Q1 2018 Price per room (national) % change from Q1 2018
SYDNEY $350 ↑3.2% $200 0% $273 ↓0.7%
MELBOURNE $250 ↓2% $136 ↓0.7% $171 ↓5%
BRISBANE $225 ↑2.3% $133 0% $155 ↓5.1%
PERTH $190 0% $113 0% $120 ↓4%
ADELAIDE $150 ↓3.2% $124 ↑0.8% $132 ↓0.7%
HOBART $190 ↓5% $150 0% $162 ↑1.2%
DARWIN $184 ↑2.2% $150 0% $160 ↓1.5%
CANBERRA $340 ↑9.7% $166 0% $200 0%
National median $270 3.8% $143 1.41% $180 ↓2.7%

PRICE TRENDS

Regional Rents

Following the trend of the first quarter of 2018, the national median rent remained unchanged in the regions in Q2. Prices fell only in the Northern Territory (down 1.1% to $445 a week), while the steepest rise was in Queensland, up 2.8% to $360 a week.

Regional Rents
% change between Q1 2018 and Q2 2018
SOURCE: RENT.COM.AU © 2018

State/Territory Q1 2018 Q2 2018 % change
NSW $395 $400 ↑1.2%
VIC $290 $295 ↑1.7%
QLD $350 $360 ↑2.8%
WA $330 $330 0%
SA $260 $265 ↑1.9%
TAS $280 $280 0%
NT $455 $445 ↓1.1%
ACT unavailable unavailable unavailable
National median $360 $360 0%

Days on market

Across the board, the most significant change in the average time on market took place in Hobart. The Tasmanian capital saw a slowdown in apartment and house turnover month-on-month: apartments moved 22% slower and took an average of 17 days to lease, while houses were down 24% to 19.9 days. The percentage change from Q2 2017 was similar for houses; properties took an average of 16.5% more time to shift. In Darwin, the trend was opposite month-on-month, with houses shifting 19% faster under a wave of continued rental demand, improving to 34.1 days from Q1 2018. Mr Bader said this movement across several capitals was indicative of healthy leasing activity prompting increased demand. “With leasing activity increasing, these markets are starting to re-balance, which is good news for owners,” he said.

Days on market
% change in no. days on market (Apartments v Houses)
SOURCE: RENT.COM.AU © 2018

Metro area APARTMENTS days on market % change from Q1 2018 % change from Q2 2017 HOUSES days on market % change from Q1 2018 % change from Q2 2017
SYDNEY 23.9 4% slower 19.6% slower 26 3% faster 17.6% slower
MELBOURNE 19 6% faster 8.8% faster 22.7 0% 1.3% faster
BRISBANE 26. 1% slower 13% faster 26.1 3% slower 7.9% faster
PERTH 36.1 10% faster 19.5% faster 36.1 0.1% faster 14.1% faster
ADELAIDE 27 7% slower 6.7% faster 24.2 5% slower 12.2% faster
HOBART 17 22% slower 1.1% faster 19.9 24% slower 16.5% slower
DARWIN 37.6 7% slower 10.2% faster 34.1 19% faster 16.9% faster
CANBERRA 14.2 11% faster 25.6% faster 26.1 3% faster 9.4% faster

Walk Score® – The price of walkability

Median Rent

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 Q2 2018. Renters seeking bargain accommodation would have found the most affordable Walker’s Paradise apartments in Tasmania, according to the Q2 2018 data. Walker’s paradise apartments cost, on average $380 a week to rent in TAS. Next most walkable (and affordable) was Western Australia, costing $390 a week.

Median rent (APARTMENTS) in Q2 2018

Walk Score NSW VIC QLD WA SA TAS NT ACT
Car Dependent $330 $300 $290 $290 $251 $250 $370 $380
Somewhat walkable $440 $330 $330 $290 $275 $240 $380 $400
Very walkable $490 $375 $370 $310 $290 $300 $490 $450
Walker’s paradise $570 $465 $430 $390 $400 $380 $440 $480

The most affordable median rent for a Walker’s Paradise house in Q2 was $450 a week – this quarter split between South Australia and Tasmania. Western Australia followed close behind ($460/week), followed by Queensland ($470/week). Houses in New South Wales remained priciest, topping the list at $795 a week for a walker’s paradise property.

Median rent (HOUSES) in Q2 2018

Walk Score NSW VIC QLD WA SA TAS NT ACT
Car Dependent $440 $370 $380 $350 $320 $310 $435 $500
Somewhat walkable $460 $390 $395 $360 $350 $310 $480 $500
Very walkable $540 $450 $420 $390 $390 $380 $410 $500
Walker’s paradise $795 $600 $470 $460 $450 $450 $607 $545

Price per Room

House hunters looking for shared accommodation can use Rent.com.au’s price per room measure for an indication of the cost of individual rooms by state. The most affordable Walker’s Paradise apartment rooms were found in South Australia in Q2 ($227 a week), and in Queensland for houses ($185 a week).

Price per Room (APARTMENTS) in Q2 2018

Walk Score NSW VIC QLD WA SA TAS NT ACT
Car Dependent $180 $143 $137 $135 $130 $132 $175 $241
Somewhat walkable $240 $170 $167 $155 $142 $135 $190 $290
Very walkable $270 $220 $200 $191 $150 $197 $200 $325
Walker’s paradise $395 $312 $260 $235 $227 $250 $270 $370

 

Price per Room (HOUSES) in Q2 2018

Walk Score NSW VIC QLD WA SA TAS NT ACT
Car Dependent $140 $113 $113 $102 $103 $107 $150 $160
Somewhat walkable $160 $131 $130 $120 $122 $113 $160 $176
Very walkable $195 $166 $150 $140 $143 $146 $150 $185
Walker’s paradise $325 $262 $185 $190 $197 $187 $255 $263
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