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National rents moderated mostly in November, but Sydney’s stayed high

National rents moderated mostly in November, but Sydney’s stayed high

Rental market
by Tim Neary 0 comments

While apartment median rents moderated slightly, falling just 2.22 per cent nationally, asking rents in Sydney sit at a high $540/week, leading all other cities, according to rent.com.au’s latest data.

For houses, prices were higher again at $615/week.

Rent.com.au said that tenants will start to see some benefit from the shift in the market cycle as median rents for both houses and apartments fell by 0.81 per cent and 1.82 per cent, respectively, month-on-month.

On the opposite end of the scale, the site said that Hobart’s market is being propelled upward.

“Prices are on the rise,” the country’s top rental property website said.

“Apartments pushed higher, up [by] 1.56 per cent, as did houses, up [by] 2.5 per cent, likely boosted by an increase in ‘lifestyle’ renters hitting the TAS market, particularly as the country moves towards summer.”

Rent.com.au’s data showed that Darwin’s apartment market is tightening, with asking median rents up by 5.71 per cent to $370. Rents remained unchanged for houses in Darwin this month at $500/week.

It also showed that prices in the Western Australian and South Australian capitals hit a median of $300/week. Hobart came in close behind at $325/week, up by 1.56 per cent. Perth’s housing market showed some early signs of recovery, with house prices up by 2.86 per cent month-on-month.

Rental affordability

Perth renters continue to reap the benefit of well-priced properties, rent.com.au said.

“Notwithstanding the 2.86 per cent rise in house prices, the WA capital held its lead as the city with the cheapest room prices in November.

“Prices were unchanged in November, holding steady at $120/week. Consistent with October’s report, Adelaide came in a close second, its price per room now $132/week.”

Across the country, six out of eight capitals recorded a median room rent less than the national average — $178/week — across all dwelling types, with only two cities rising above it: Canberra at $196/week and Sydney at $270/week.

Rent.com.au also found that consistent with the drop in asking median rents, only New South Wales saw a drop in regional median rent prices month-on-month, where they fell by 1.28 per cent to $385/week. Rents rose in Victoria, up by 1.79 per cent to $285/week; Queensland, up by 2.86 per cent to $360/week; South Australia, up by 4.81 per cent to $272/week; and Tasmania, up by 3.85 per cent to $270/week.

In November, house hunters would have found the lowest rents in the country in TAS, with prices just $270/week, but SA followed close behind at $272/week.

The national median was consistent at $350/week.

National rents moderated mostly in November, but Sydney’s stayed high
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