Rent.com.au has released its report for September 2019 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.
Rent.com.au Rental Snapshot Highlights:
- Australia’s five largest capitals recorded an increase in the price per room across both property types in September.
- Across the country, Darwin had the most significant fall in median rents in September. Apartments were down 5.7% to $330/week and houses down 3.2% $450/week.
- Hobart properties came off market faster than in any other state or territory in September.
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Table 1: Median rent (apartments v houses) and price per room
|Metro area||Apartments||% change||Houses||% change||Price per room||% change|
Price trends in September 2019
Just two of Australia’s capitals recorded a consistent increase in median rents across both apartments and houses in September. Melbourne apartments and house rents jumped 2.4% to $420/week and $430/week, respectively, while Hobart’s asking rents were up 1.3% ($380/week) and 2.2% ($460/week).
Looking at national median rents, there was very little movement in September, with only an incremental rise (1.1%) in house rents. Apartment prices remained unchanged from August.
Across the country, Darwin had the most significant fall in median rents in September. Apartments were down 5.7% to $330/week and houses down 3.2% $450/week.
The most affordable apartments in August could be found in Adelaide, with asking rents at $310/week, while Perth house prices are still lowest at $375/week.
Price per room in September 2019
Australia’s five largest capitals recorded an increase in the price per room across both property types in September. The most significant of those increases took place in Perth, an 8.8% jump to $123/week for a room in a house. In fact, across the board, the bulk of room price changes were in houses, with a 3.5% increase to the national median room price.
The only falls recorded in September were apartment rooms in Hobart and Canberra, down 1.3% and 3.1% respectively. Sydney kept its top tier pricing position for both apartments ($325/week) and houses ($200/week), while the best bargains could be found in Adelaide (apartments at $167/week) and Perth (houses at $123/week).
Table 2: Price per room (Apartments versus Houses)
|Metro area||Apartments||% change from SEPT 2018||Houses||% change from SEPT 2018|
Rents in the country’s regional areas are becoming more expensive, with a 2.7% rise in prices to $380/week month-on-month across the nation. Despite recording the most significant downward shift in regional rents (down 8.7% to $420/week), the Northern Territory has kept its title as most expensive for renters seeking rental accommodation out of Darwin.
Table 3: Regional rents in September 2019
|State/Territory||Sep-19||% change from August 19|
Time on market.
Rent.com.au’s average time on market measure provides context to the movement in asking rents across the country. Hobart properties are coming off the rental market faster than in any other metro capital, according to the new data from Rent.com.au. On average, apartments took 14 days to lease, while houses just 16 in September. Darwin houses took an opposite turn, slowing 13% month-on-month to take an average 35 days to lease a property.
Compared to a year ago (September 2018), Adelaide apartments shifted 17% faster to lease in an average 17 days, perhaps indicative of some momentum slowly returning to the market.
Table 4: Days on market in September 2019
|Metro area||APARTMENT days on market SEP 2019||% change from AUG 2019||% change from SEP 2018||HOUSES days on market SEP 2019||% change from AUG 2019||% change from SEP 2018|
|SYDNEY||27 days||1% faster||7% slower||28 days||2% faster||1% slower|
|MELBOURNE||23 days||1% slower||14% slower||25 days||1% faster||13% slower|
|BRISBANE||20 days||5% faster||16% faster||21 days||3% faster||7% faster|
|PERTH||30 days||4% faster||16% faster||30 days||3% faster||12% faster|
|ADELAIDE||17 days||9% faster||17% faster||20 days||6% faster||9% faster|
|HOBART||14 days||2% slower||2% slower||16 days||11% slower||1% slower|
|DARWIN||27 days||12% faster||25% faster||35 days||13% slower||10% faster|
|CANBERRA||20 days||1% slower||28% slower||22 days||8% slower||7% slower|