Rent.com.au‘s monthly property leasing data from November indicates a 1 percent shift in the average median rent across Australia amongst other shifts in median rental property prices (both metro and regional) and rental affordability (price per room).
According to Rent.com.au’s data, the average median rent across Australia has only slightly increased – up 1 per cent at $425 per week in November. Adelaide and Darwin metropolitan areas recorded a decrease in median rent, while all but three of the remaining cities saw an increase in the month. Hobart recorded an 18 per cent increase from $340/pw in October to $400/pw in November, the steepest increase of all capital cities.
Sydney continues to be the most expensive Australian city for renters; median rents stayed consistent at $550/pw in November, while Adelaide was the cheapest at $333, 1 per cent down on October’s results.
Considering the rental affordability measure price per room (PPM); Sydney also topped the ranking at $265/pw (despite a 2 per cent downturn) from October, while Adelaide was the most affordable capital city for renters – a median price per room of $127/pw (down 3 per cent), putting Perth at a close second ($130/pw, up 3 per cent on October).
Adelaide and Darwin were the only capital cities to record a decrease in weekly median rent (down 1 per cent and 7 per cent respectively) and PPM, down 3 per cent and 8 per cent.
Looking at property type, Sydney’s rental market continued to be skewed towards apartments comprising 64 per cent, while Perth’s property makeup, in line with Adelaide, was 73 per cent houses.
Rent.com.au’s suburb data, which is indicative of property listings leased on the site in the month of November, showed New South Wales suburbs Lindfield, Allambie Heights, Seaforth, Tamarama and Hunters Hill were the top 5 most unaffordable suburbs, with median weekly asking rents of $1,250, $1,190, $1,125, $1,075 and $1,050 respectively.
Change in median rent and price per room as at 30 November 2016
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At a regional level, Northern Territory, Australian Capital Territory and Tasmania were the only Australian states to record a decrease in median rent from October to November, down 18 per cent, 7 per cent and 4 per cent respectively. Median rents increased across the regions in Victoria (up 4 per cent), Western Australia (up 3 per cent) and New South Wales (up 3 per cent).
Rents remained healthy in Queensland ($330) and South Australia ($250), with no price changes noted, consistent with records in October. South Australia, matched only by Tasmania in November, was once again the state with the cheapest regional rentals, with a median rent for both states of $250.
Looking at property type, regional ACT apartments and houses experienced the highest increases in median rent overall (up 13 per cent – apartments and 4 per cent – houses). Conversely, the NT recorded the steepest drop in median rent for both dwelling types, down 14 per cent (apartments) and 15 per cent (houses).
Data source: rent.com.au