Property leasing data released by Rent.com.au for the July to September quarter (Q3 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.

Q3 2018 Highlights:

    • House prices fell most significantly of all states/territory capitals in Darwin in Q3. The median house price dropped to $470 a week, down 5.5% from Q2.
    • House prices remained relatively stable in the latest report, with no change recorded in Sydney, Melbourne, Brisbane, Adelaide or Hobart quarter-on-quarter.
    • Sydney once again topped the list for rental prices in Q3 for both apartments and houses ($540/week and $600/week, respectively).
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How the states and territories compared in Q3
Median rent (apartments v houses) and price per room
SOURCE: RENT.COM.AU © 2018
Metro area Apartments % change Houses % change
SYDNEY $540 ↓1.8% $600 0%
MELBOURNE $410 ↑2.5% $420 0%
BRISBANE $400 ↑1.2% $420 0%
PERTH $320 0% $360 ↑2.8%
ADELAIDE $300 ↑1.6% $370 0%
HOBART $340 ↓2.8% $430 0%
DARWIN $365 ↑0.1% $470 ↓5.5%
CANBERRA $440 ↑1.2% $530 ↑0.9%
National median $450 0% $430 0%

Price trends

Median rents.

Rents in the third quarter of this year were consistent with median rental data from a quarter ago, according to Rent.com.au, Australia’s no. 1 website dedicated to rental property. But renting an apartment in many of the country’s state and territory capitals has become slightly more expensive, thanks to a shortage in accommodation options, juicing demand for apartment rentals and, in turn, pushing rents higher.

“Momentum in the apartment market at metro area level in the third quarter is pretty well in line with expectations,” RENT Chief Executive Officer, Greg Bader said. “Still, there hasn’t been a pronounced shift in the big-picture story. We’re about to move into the period of seasonally faster apartment and house leasing that comes with the warmer weather months.”

Rent.com.au’s Quarter 3 (Q3) 2018 report, covering the months of July through September 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 climbed in five of the eight capital cities including Melbourne (2.5% to $410 a week), Brisbane (1.2% to $400 a week), Adelaide (1.6% to $300 a week), Darwin (up 0.1% to $365 a week) and Canberra (1.2% to $440 a week).

Sydney, Melbourne, Brisbane, Adelaide and Hobart house median rents were stable between Q2 and Q3, stationary at $600, $420, $420, $370 and $430, respectively. With only Canberra as its closest contender price-wise ($530/week), Sydney remained the most expensive city in Q3 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 ($160 a week) while Perth takes the lead for cheap rooms in houses (just $123/week).

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

Metro area Apartments % change from Q2 2018 Houses % change from Q2 2018 Price per room (national) % change from Q2 2018
SYDNEY $320 ↓1.5% $200 0% $275 0%
MELBOURNE $260 ↑4% $133 0% $175 ↑2.8%
BRISBANE $225 0% $133 0% $158 ↑1.1%
PERTH $190 0% $115 ↑2.2% $123 ↑2.7%
ADELAIDE $160 ↑6% $125 0% $133 ↑1.2%
HOBART $200 0% $146 ↓2.2% $158 ↓1%
DARWIN $165 ↓6.1% $145 ↓2.5% $155 ↓3.1%
CANBERRA $320 ↓3% $170 ↑2% $205 ↑2.5%
National median $275 3.1% $141 1.2% $186 3.7%

Regional rents.

Following the trend of the second quarter of 2018, the national median rent remained unchanged in the regions in Q3. Median rents in the regions only rose in Victoria (up 1.7% to $330 a week) and in Tasmania, where rents moved 5.4% to $295 a week.

Regional Rents
% change between Q2 2018 and Q3 2018
SOURCE: RENT.COM.AU © 2018

State/Territory Q2 2018 Q3 2018 % change
NSW $400 $400 0%
VIC $295 $300 ↑1.7%
QLD $360 $360 0%
WA $330 $330 0%
SA $265 $265 0%
TAS $280 $295 ↑5.4%
NT $450 $450 0%
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 Darwin. The Northern Territory capital saw a slowdown in rental turnover for houses quarter-on-quarter: houses moved 11% slower and took an average of 37 days to lease. The percentage change from Q3 2017 was opposite for houses; properties in Darwin took 5% less time to shift. In Hobart, the trend was opposite quarter-on-quarter, with houses shifting 10% faster under a wave of continued rental demand, improving to 37 days from Q2 2018. Mr Bader said 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 Q2 2018 % change from Q3 2017 HOUSES days on market % change from Q2 2018 % change from Q3 2017
SYDNEY 26 ↑8% ↑25% 27 ↑4% ↑17%
MELBOURNE 20 ↑9% 0% 23 ↑2% ↑1%
BRISBANE 24 ↓6% ↓12% 24 ↓7% ↓6%
PERTH 36 ↑1% ↓16% 35 ↓2% ↓14%
ADELAIDE 24 ↓10% ↓13% 24 0% ↓4%
HOBART 16 ↑2% ↑20% 18 ↓10% ↑15%
DARWIN 37 ↑5% ↓4% 37 ↑11% ↓5%
CANBERRA 15 ↑3% ↓5% 19 ↑5% 0%

 

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 Q3 2018. Renters seeking bargain accommodation would have found the most affordable Walker’s Paradise apartments in Tasmania, according to the Q3 2018 data. Walker’s paradise apartments cost, on average $380 a week to rent in TAS. Next most walkable (and affordable) was Western Australia, at $390 a week.

Median rent (APARTMENTS) in Q3 2018

Walk Score NSW VIC QLD WA SA TAS NT ACT
Car Dependent $380 $310 $290 $290 $255 $255 $370 $380
Somewhat walkable $440 $340 $330 $290 $275 $240 $380 $410
Very walkable $490 $380 $370 $310 $295 $300 $450 $450
Walker’s paradise $570 $470 $430 $390 $400 $380 $430 $480

The most affordable median rent for a Walker’s Paradise house in Q3 was $450 a week – this quarter split between Western Australia, South Australia and Tasmania. Queensland followed close behind ($470/week), followed by Northern Territory ($510/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 Q3 2018

Walk Score NSW VIC QLD WA SA TAS NT ACT
Car Dependent $440 $370 $380 $350 $320 $315 $490 $500
Somewhat walkable $460 $390 $395 $360 $350 $320 $480 $510
Very walkable $550 $450 $420 $390 $390 $390 $400 $500
Walker’s paradise $795 $600 $470 $450 $450 $450 $510 $550
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