Rent.com.au has released its latest report for September 2018 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.

Monthly Highlights:

    • 3 of the biggest states sat stable in September – no change in median house rents month-on-month.
    • The national median house rent climbed 1.2% to $435/week in September.
    • Brisbane metro was the only capital city to see no change in either house or apartment rents.
    • Six of eight state/territory capitals have median house rents above $400 a week.
    • The most significant fall in the cost of rooms (overall) was in Hobart, down 9% from August.

How the states and territories compared in September 2018
Median rent (apartments v houses) and price per room
SOURCE: RENT.COM.AU © 2018

Metro area Apartments % change Houses % change Price per room % change
SYDNEY $540 ↑0.9% $600 0% $275 0%
MELBOURNE $410 ↓2.4% $420 0% $173 ↓1.1%
BRISBANE $400 0% $420 0% $155 ↓2.5%
PERTH $320 0% $365 ↑1.4% $125 0%
ADELAIDE $307 ↑5.8% $370 0% $136 ↑2.2%
HOBART $330 ↓5.7% $420 ↓4.5% $150 ↓9%
DARWIN $350 ↓5.4% $460 ↑2.2% $150 0%
CANBERRA $430 ↓4.4% $550 ↑1.9% $200 ↓2.4%
National median $450 0% $435 1.2% $187 0.5%

 

PRICE TRENDS

Median rents.

New figures from Rent.com.au show that prices may be beginning to stabilise in Hobart metro. Median apartment rents dropped 5.7% month-on-month to $330 a week while median house rents were also down in the same period (4.5% to $420/week). The cost of renting a room in Hobart fell by 9% to just $150 a week.

Far from being an affordable alternative to Australia’s mainland cities, Hobart’s recent real estate sales boon, factored in with low incomes, a surge in former rental properties being offered as short-term accommodation and a tourism burst have pushed median rents upwards in the last few months.

Rent.com.au Chief Executive Officer, Greg Bader said that while there are some signs of relief in sight for Hobart renters (price-wise), finding affordable accommodation options in the Tasmanian capital remains tough for many house hunters.

“It’s possible that the worst may be behind us – more properties are starting to become available for rent,” he said. “When it comes to high rents being asked in the Hobart market at the moment, it’s worth remembering that under the Tenancy Act, rents on a fixed-term agreement can only be increased once a year.”

Price per room.

The cost of renting a room in Australia increased year-on-year in September, with the most noticeable change in apartment rents. The national median for apartments in Australia’s metro areas was $280/week in September, up 6.7% from 12 months back. Across the state and territory capitals, the biggest jump was in Adelaide apartment room prices, a 13.3% rise year-on-year with rooms now priced at $170/week. House prices, on the other hand, saw less of a difference, but still jumped 3.5%. In September, the cheapest room for renters was in a Perth house – just $120/week.

 

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

Metro area Apartments % change from SEPT  2017 Houses % change from
SEPT 2017
SYDNEY $320 ↓1.5% $200 0%
MELBOURNE $275 ↑10% $140 ↑5%
BRISBANE $235 ↑9.3% $133 ↑1.5%
PERTH $197 ↑12.9% $120 ↑6.7%
ADELAIDE $170 ↑13.3% $129 ↑7.5%
HOBART $190 ↑9.6% $138 ↓6.7%
DARWIN $155 ↓16.2% $140 ↓8.4%
CANBERRA $320 ↓3% $170 ↑6.3%
National median $280 6.7% $145 3.5%

 

Regional rents.

Median rents across Australia’s regional areas remained mostly stable in September, with just an incremental rise of 1.3% to $365 nationally. However, most states and territories saw a drop-off in the month-on-month change: Victoria (down 3.3%), South Australia (down 1.8%), Tasmania (down 3.3%) and Northern Territory (down 6.6%), while prices only jumped in Queensland (up 1.3%). SA recorded the cheapest regional rent prices – a median of just $265 a week.

Regional Rents
% change between August 2018 and September 2018
SOURCE: RENT.COM.AU © 2018

State/Territory August 2018 September 2018 % change
NSW $400 $400 0%
VIC $300 $290 ↓3.3%
QLD $365 $370 ↑1.3%
WA $330 $330 0%
SA $270 $265 ↓1.8%
TAS $300 $290 ↓3.3%
NT $450 $420 ↓6.6%
ACT unavail. unavail unavail
National median $360 $365 1.3%

 

Days on market.

Hobart apartments shifted 22% faster in September than in August – the most significant change of all states and territories, taking just 14 days on average to come off market. Conditions were vastly different for Canberra houses, however, which have slowed 15% month-on-month to take an average of 20 days to lease.

Compared to a year ago, Sydney apartments shifted 21% faster in September – perhaps indicative of the flattening taking place in the NSW capital’s housing market.

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

Metro area APARTMENTS days on market September 2018 % change from August 2018 % change from September 2017 HOUSES days on market September 2018 % change from August 2018 % change from September 2017
SYDNEY 26 ↑4% ↑21% 27 ↑3% ↑10%
MELBOURNE 21 0% ↓1% 22 ↓4% ↓1%
BRISBANE 28 ↑12% ↓11% 23 ↓4% ↓11%
PERTH 37 ↑2% ↓16% 34 ↓7% ↓21%
ADELAIDE 22 ↓12% ↓17% 23 ↓8% ↓7%
HOBART 14 ↓22% ↑12% 16 ↓19% ↑16%
DARWIN 35 ↓4% ↓11% 39 ↓5% ↑19%
 CANBERRA 14 ↓12% ↓17% 20 ↑15% ↑4%
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