In November, Sydney’s house rents inched lower by 0.8% to $595/week – the first month-on-month decline for this property type in over a year. Despite the fall, Rent.com.au’s latest data shows the New South Wales capital continues to lead the list for unaffordability for both houses and apartments, contended only by Canberra and Hobart, in most cases.
Across the country, national median rents were unchanged for both property types, but some marketing tightening is evident as we move towards the rental market’s busier season, with asking median rents (apartments) up in Darwin (6.3% to $340/week), Hobart (4.6% to $400/week), Adelaide (3.2% to $320/week) and Canberra (2.2% to $460/week). House rents were also up in Hobart (2.2% to $460/week), Canberra (1.8% to $560/week) and Brisbane (1.1% to $440/week).
Despite the upward movement in these capitals, some relief could be felt for tenants in Sydney searching for houses, with a fall finally recorded in the median rent for houses – down 0.8% to $595/week. The median rent has remained unchanged in the New South Wales capital for more than a year.
The most affordable apartments in November could be found in Adelaide, with asking rents now at $320/week (up 3.2% month-on-month), while Perth house prices were still lowest at $370/week, down 1.3% month-on-month.
Price per room in November 2019
The cost of renting a room in Australia increased year-on-year in November, with a rise in both apartment and house rents nationally. The national median for apartments in Australia’s metro areas was $275/week in November, up 3.8% from November ‘18, while house room prices rose 4.5% nationally to $153/week.
Across the state and territory capitals, the biggest jump was in Melbourne apartment room prices, a 10% increase year-on-year, with rooms now priced at $275/week.
Five of the country’s capitals recorded an increase in room prices across both property types year-on-year – Sydney, Melbourne, Perth, Adelaide and Hobart.
Median rents across Australia’s regional areas remained relatively stable in November – just as it did in October – with no change in the median rent of $380 nationally. South Australia recorded the cheapest regional rent prices by far, with a median rent stable at just $280/week. Regional rents were most expensive in the Northern Territory at $460/week, up 4.5% from October.
Time on market
Rent.com.au’s average time on market measure provides context to the movement in asking rents across the country. The most noticeable shift month-on-month was in Canberra apartments, which came off market 30% faster in November, taking 15 days on average to move. Melbourne houses, conversely, came off market 3% slower in November, an average of 23 days to lease on Rent.com.au. Of the five largest state capitals, the most significant change was in Adelaide, where apartments took 20% less time to lease – averaging 16 days on market.
Looking at house rents, the only capital to record a slowdown month-on-month was Darwin. Properties in the NT capital took 4% longer to shift than in October 2019.
To view original article and see rental market update table comparison, visit Rent.com.au.