Surging rents and lower days on market are the order of the day in NSW and WA, according to Mark Woschnak, CEO at rent.com.au
According to figures released by national rental property website rent.com.au, both New South Wales and Western Australia have shown the most
positive trends for property investors in the September quarter.
Western Australia had the highest increase in median rent of five per cent from $467 to $489, with average days on market reducing from 25 to 24 days.
NSW saw the average weekly median rent increase by three per cent from $455 in July to $467 in September, and average days on market reduce four per cent from 27 to 26 days.
On top of a strong WA economy, which is already experiencing pressure on the rental market with low vacancy rates, these latest findings of quicker rental turnaround times and increasing rents, show that there are no real signs of easing in the short term, which will benefit landlords with likely increasing rent returns.
Victorian median rent has stayed relatively steady with a one per cent decrease in average weekly median rent from $363 down to $361, with days on market declining three per cent to 33 days.
The Northern Territory remains Australia’s most expensive state in which to rent, with the median weekly rent increasing one per cent to $547 and days on market declining by four per cent to only 22 days, the fastest clearance rate in Australia. This is double the comparable figures of Tasmania, which has the lowest median weekly rent of $267, falling five per cent from July and average days on market increasing two per cent to 44 days.
In Queensland the average weekly median rent remained steady at $390, however days on market reduced by four
per cent to 27 days.
South Australia saw weekly medium rent increase by three per cent from July to $326 in September, with time on market unchanged at 32 days.
The slowest rental market across Australia is in the ACT, where rents fell by three per cent to $472 in September, and days on market increased 29 per cent from July to 49 days.