Northern Territory rents rose nine per cent in April to a weekly median rent of $550, recapturing the top position as Australia’s most expensive state in which to rent a property.
Across Australia, days on market increased between four per cent and 14 per cent in all states, with the exception of the ACT, which reduced by two days, and NSW which remained steady, according to rent.com.au's Mark Woschnak.
"Properties in Western Australia leased five per cent faster in April, taking 23 days on average to clear, with the weekly median rent remaining relatively steady at $536," he told Residential Property Manager.
"New South Wales saw a modest 1.5 per cent increase in median weekly rent to $479, replacing the ACT as Australia’s third most expensive state to rent in. Days to lease properties in NSW remained steady at 25 days."
While, Queensland remained relatively steady after a two per cent rise in weekly median rent in the month of March to fall back two per cent to $400 per week in April. Properties leased four per cent slower, taking on average 26 days.
In South Australia the median weekly rent of $325 remained steady, with no movement since the start of the year and turnover slowing to 27 days.
"In the ACT, average median weekly rent fell six per cent to $470, with days on market reducing six per cent to 31 days, and Tasmanian rents lifted two per cent to $279 per week, with turnover slowing by 14 per cent to 33 days," Mr Woschnak added.