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Rent.com.au snapshot of the market and Australia’s most expensive and cheapest places to rent

Property leasing data released by rent.com.au for the month of October illustrates the shift in Australian median rental property prices (metro and regional) and rental affordability.

Key points

  • Sydney’s house prices show no sign of falling; prices increased 3.33% to a median of $620/week – still the highest prices in the country by far.
  • Rent.com.au’s October property data indicates the national median remained stable month-on-month; median prices unchanged for apartments, houses and price-per-room (rental affordability).
  • After a downturn in apartment prices in September for Sydney, median rents remained stable in October for the New South Wales capital.
  • The price of Perth apartments (now $320/week) rose most significantly of all state capitals – up 3.23% in October.

Shift in days on market
In Rent.com.au data for October, the most significant market slow down was in Tasmania’s capital. Hobart saw a 13.7% increase month-on-month, bringing the days on market for houses to 14.1 days on average. Apartments in Hobart, however, moved slightly faster in October – a 3.5% change to 11.5 days. Houses in Sydney recorded the second most substantial change in days on market in October, dropping 11.4% from September (now 22.1 days). Houses in Brisbane, Canberra, Darwin and Perth also recorded a decrease month-on-month – days on market down across the board.

Apartment prices
House hunters would have found the most affordable rental stock in Adelaide in October. Prices in the South Australian capital dropped 1.69% month-on-month to just $290/week. Hobart was a close second at $312/week (down 0.79%). Perth’s rental market is showing early signs of recovery with apartment prices in the WA capital up 3.23% for the month to $320/week, now just the third most affordable in the country.

House prices
While Sydney apartment prices showed signs of stability in October, house prices were on the up. Rising 3.33%, the median rent for houses in the New South Wales capital was recorded at $620/week. Sydney continues to outrank all other Australian capitals in median house prices – only Canberra and Darwin come close at $500/week respectively. Conditions around the country, however, were largely stable. Perth, Adelaide, Hobart, Darwin and Canberra were unchanged month-on-month. Melbourne was the only capital to record a decrease in October – down 2.44% to $400/week.

Rental affordability
Notwithstanding a rise in apartment prices, Perth held its lead as the capital with the cheapest room prices in September; with prices lower than all other capitals. The city’s price-per-room rose 1.22% to $121/week. Perth continues to present great opportunities for renters looking to snap up properties at a good price.

Consistent with the September report, Adelaide followed close behind, with room prices steady at $130/week. Across the country, six out of eight capitals recorded room prices less than the national median price per-room ($175/week). The country’s priciest rooms were, somewhat unsurprisingly, found in Sydney at $275/week across all dwelling types. Broken down, it would cost a renter $325/week for a room in a Sydney apartment, against a house price-per-room of $200/week.

Prices across the regions
The Northern Territory was the one Australian capital to record a drop in regional median rent prices month-on-month. NT rents fell 1.08% to $455/week. Comparatively, prices rose in three state capitals; Victoria up 1.78% to $285/week, Western Australia up 1.56% to $325/week and South Australia up 1.96% to $260/week. In October, NT continued to hold the lead title for most expensive regional rentals. Despite its price decrease dropping rents by 1.08%, prices remained high at $455/week. New South Wales trailed behind at $380/week, unchanged month-on-month.

Australia’s cheapest and most expensive rental suburbs (according to rent.com.au)
Following the release of its monthly report for October, rent.com.au has ranked the top 10 most affordable and most expensive suburbs by state, as well as those suburbs which sit around the median rent for the state’s capital.

NEW SOUTH WALES

Find the biggest rental bargains in:
1. Moree, NSW – $260/week
2. Young, NSW – $260/week
3. Lavington, NSW – $272/week
4. Albury, NSW – $275/week
5. Taree, NSW – $275/week
6. Muswellbrook, NSW – $280/week
7. Kooringal, NSW – $282/week
8. Inverell, NSW – $285/week
9. Lithgow, NSW – $290/week
10. Wagga Wagga, NSW – $292/week

Suburbs in the middle of the Sydney price range
1. Camperdown, NSW – $630/week
2. Drummoyne, NSW – $640/week
3. Mascot, NSW – $645/week
4. Balgowlah, NSW – $650/week
5. Redfern, NSW – $650/week
6. Castle Hill, NSW – $650/week
7. Surry Hills, NSW – $650/week
8. Randwick, NSW – $655/week
9. Byron Bay, NSW – $650/week
10. Botany, NSW – $660/week

New South Wales’ priciest suburbs:
1. Sussex Inlet, NSW – $1,550/week
2. Paddington, NSW – $1,000/week
3. Northbridge, NSW – $845/week
4. Sydney, NSW – $800/week
5. Pyrmont, NSW – $800/week
6. Fairlight, NSW – $795/week
7. Bondi Beach, NSW – $785/week
8. Bondi, NSW – $767/week
9. Balmain, NSW – $760/week
10. Manly, NSW – $750/week

VICTORIA

Find the biggest rental bargains in:
1. Morwell, VIC – $220/week
2. Wendouree, VIC – $247/week
3. Portland, VIC – $255/week
4. Bairnsdale, VIC – $270/week
5. Corio, VIC – $270/week
6. Yarrawonga, VIC – $277/week
7. Horsham, VIC – $282/week
8. Shepparton, VIC – $282/week
9. Wodonga, VIC – $282/week
10. Notting Hill, VIC – $285/week

Suburbs in the middle of the Melbourne price range
1. Mentone, VIC – $400/week
2. Clyde North, VIC – $400/week
3. St Kilda East, VIC – $400/week
4. Maribyrnong, VIC – $400/week
5. Point Cook, VIC – $400/week
6. Ferntree Gully, VIC – $400/week
7. Berwick, VIC – $400/week
8. Box Hill, VIC – $400/week
9. Hawthorn, VIC – $400/week
10. Maidstone, VIC – $400/week

Victoria’s priciest suburbs:
1. Albert Park, VIC – $680/week
2. Port Melbourne, VIC – $650/week
3. Brighton, VIC – $650/week
4. Camberwell, VIC – $620/week
5. Southbank, VIC – $595/week
6. East Melbourne, VIC – $590/week
7. Bentleigh East, VIC – $575/week
8. Carlton North, VIC – $560/week
9. Brunswick East, VIC – $550/week
10. Prahran, VIC – $540/week

QUEENSLAND

Find the biggest rental bargains in:
1. South Gladstone, QLD – $160/week
2. Chinchilla, QLD – $200/week
3. Berserker, QLD – $245/week
4. Mackay, QLD – $250/week
5. Mount Isa, QLD – $250/week
6. North Ward, QLD – $250/week
7. Roma, QLD – $250/week
8. Norman Gardens, QLD – $250/week
9. Frenchville, QLD – $250/week
10. Emerald, QLD – $260/week

Suburbs in the middle of the Brisbane price range
1. Kedron, QLD – $370/week
2. Margate, QLD – $370/week
3. Greenslopes, QLD – $370/week
4. Sherwood, QLD – $370/week
5. Yarrabilba, QLD – $370/week
6. Coorparoo, QLD – $370/week
7. Chermside, QLD – $375/week
8. Taringa, QLD – $375/week
9. Mooloolaba, QLD – $377/week
10. Labrador, QLD – $380/week

Queensland’s priciest suburbs:
1. Bulimba, QLD – $560/week
2. Hope Island, QLD – $550/week
3. Paddington, QLD – $537/week
4. Robina, QLD – $530/week
5. Paradise Point, QLD – $505/week
6. Teneriffe, QLD – $500/week
7. Bardon, QLD – $500/week
8. Mansfield, QLD – $500/week
9. Wavell Heights, QLD – $497/week
10. Brisbane City, QLD – $497/week

WESTERN AUSTRALIA

Find the biggest rental bargains in:
1. Orelia, WA – $210/week
2. Wembley, WA – $242/week
3. Armadale, WA – $242/week
4. Osborne Park, WA – $250/week
5. Mandurah, WA – $270/week
6. Kelmscott, WA – $270/week
7. Maylands, WA – $270/week
8. Gosnells, WA – $270/week
9. Midland, WA – $280/week
10. Rockingham, WA – $280/week

Suburbs in the middle of the Perth price range
1. Joondalup, WA – $325/week
2. Morley, WA – $330/week
3. Halls Head, WA – $330/week
4. Cloverdale, WA – $330/week
5. Baldivis, WA – $330/week
6. Bassendean, WA – $330/week
7. Dudley Park, WA – $330/week
8. East Victoria Park, WA – $335/week
9. Joondanna, WA – $335/week
10. Busselton, WA – $335/week

Western Australia’s priciest suburbs:
1. Baynton, WA – $650/week
2. Cottesloe, WA – $550/week
3. Nedlands, WA – $500/week
4. Claremont, WA – $455/week
5. Applecross, WA – $450/week
6. Karrinyup, WA – $445/week
7. South Perth, WA – $440/week
8. Burswood, WA – $430/week
9. East Perth, WA – $430/week
10. Leederville, WA – $422/week

SOUTH AUSTRALIA

Find the biggest rental bargains in:
1. Whyalla Stuart, SA – $125/week
2. Whyalla Norrie, SA – $150/week
3. Port Pirie, SA – $180/week
4. Kadina, SA – $197/week
5. Coober Pedy, SA – $210/week
6. Port Augusta, SA – $215/week
7. Whyalla, SA – $220/week
8. Elizabeth Downs, SA – $225/week
9. St Marys, SA – $230/week
10. Salisbury, SA – $235/week

Suburbs in the middle of the Adelaide price range: 
1. Kensington Gardens, SA – $340/week
2. Valley View, SA – $340/week
3. Ascot Park, SA – $345/week
4. Paradise, SA – $345/week
5. Mount Barker, SA – $345/week
6. Blair Athol, SA – $350/week
7. Glengowrie, SA – $350/week
8. Port Noarlunga, SA – $350/week
9. Old Reynella, SA – $350/week
10. West Lakes, SA – $350/week

South Australia’s priciest suburbs:
1. Tennyson, SA – $580/week
2. Clarence Park, SA – $500/week
3. St Peters, SA – $500/week
4. Tranmere, SA – $480/week
5. Mile End, SA – $462/week
6. Henley Beach, SA – $455/week
7. Kingswood, SA – $450/week
8. Brompton, SA – $440/week
9. Greenwith, SA – $440/week
10. Adelaide, SA – $425/week

TASMANIA

Find the biggest rental bargains in:
1. Burnie, TAS – $170/week
2. George Town, TAS – $190/week
3. Ulverstone, TAS – $260/week
4. Longford, TAS – $270/week
5. Devonport, TAS – $270/week
6. Invermay, TAS – $272/week
7. South Launceston, TAS – $275/week
8. Launceston, TAS – $280/week
9. Wynyard, TAS – $285/week
10. Newnham, TAS – $285/week

Tasmania’s priciest suburbs:
1. North Hobart, TAS – $500/week
2. Sandy Bay, TAS – $442/week
3. West Hobart, TAS – $415/week
4. Hobart, TAS – $400/week
5. Battery Point, TAS – $400/week
6. Lenah Valley, TAS – $400/week
7. Trevallyn, TAS – $382/week
8. Sorell, TAS – $380/week
9. Moonah, TAS – $375/week
10. Howrah, TAS – $360/week

NORTHERN TERRITORY

Find the biggest rental bargains in:
1. Driver, NT – $335/week
2. Nightcliff, NT – $342/week
3. Millner, NT – $350/week
4. Brinkin, NT – $350/week
5. Coconut Grove, NT – $380/week
6. Leanyer, NT – $395/week
7. Bellamack, NT – $400/week
8. Farrar, NT – $400/week
9. Woodroffe, NT – $405/week
10. Bakewell, NT – $420/week

Northern Territory’s priciest suburbs:
1. Darwin City, NT – $520/week
2. Larrakeyah, NT – $520/week
3. Durack, NT – $510/week
4. East Side, N T – $500/week
5. Fannie Bay, NT – $500/week
6. Araluen, NT – $480/week
7. Johnston, NT – $470/week
8. Rosebery, NT – $460/week
9. Katherine, NT – $437/week
10. Stuart Park, NT – $435/week

AUSTRALIAN CAPITAL TERRITORY

Find the biggest rental bargains in:
1. Phillip, ACT – $350/week
2. Watson, ACT – $392/week
3. Greenway, ACT – $400/week
4. Griffith, ACT – $400/week
5. Hawker, ACT – $400/week
6. Franklin, ACT – $405/week
7. Melba, ACT – $410/week
8. Florey, ACT – $410/week
9. Bruce, ACT – $420/week
10. Crace – ACT – $420/week

Australian Capital Territory’s priciest suburbs:
1. Bonner, ACT – $595/week
2. Forde, ACT – $595/week
3. Weston, ACT – $590/week
4. City, ACT – $575/week
5. Isaacs, ACT – $570/week
6. Yarralumla, ACT – $560/week
7. Dickson, ACT – $550/week
8. Kaleen, ACT – $535/week
9. Barton, ACT – $510/week
10. Downer, ACT – $502/week

Source
rent.com.au Press release | October 2017 monthly snapshotrent.com.au Press release | Australia's cheapest and most expensive rental suburbs
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