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Rents hold strong across country

24 January 2017 Hannah Blackiston
Rents hold strong across country

Rent.com.au’s quarterly report has revealed that although median rents remained stable across Australia, one state experienced a significant rise. 

Median metro rents across Australia remained at a stable $420 per week, despite decreases in Perth and Darwin and a significant rise in Hobart, according to the October-December quarterly report.

Hobart recorded an increase of 13.4 per cent from $335 to $380, while Perth recorded a loss of 2.6 per cent and Darwin recorded a 4.4 per cent decrease.

Unsurprisingly Sydney remained the most expensive city for renters, with median rents consistently at $550 per week. Adelaide also remained the cheapest city at $340 per week. However, this was a 1.5 per cent increase on last quarter.

Sydney maintained its lead in cost per room with $265 per week. Perth was the most affordable per room at $127, a decrease of 2.6 per cent from last quarter.

Again, it was Sydney that led the apartment numbers. In Sydney, 63.5 per cent of the homes on offer were apartments, while Perth reported the highest percentage of houses on offer at 73.8 per cent.

A new measure on offer from rent.com.au was the luxury property measure, used to evaluate the number of days on market for properties asking more than $1,000 per week.

Darwin recorded the most significant decrease in number of days on market for luxury properties, 46.8 per cent from last quarter, while Hobart recorded an increase of 51.3 per cent.

Highest-searched city was Melbourne CBD’s, followed by Sydney, Brisbane, Perth and Adelaide.

Across the board, regional rents remained stable. The only increases occurred in NSW and Victoria, with rents rising to $375 per week and $280 per week respectively.

Rents hold strong across country
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