The median rent for three-bedroom houses increased in all capital cities except for Sydney and Melbourne where they remained steady, according to the latest research from the Real Estate Institute of Australia.
REIA Real Estate Market Facts for the December quarter 2018 saw the rents perform well in most capital cities, more especially for two-bedders in Canberra and Hobart.
REIA president Adrian Kelly said the results are well spread across the country’s capital cities.
“The median rent for two-bedroom other dwellings increased in Canberra and Hobart; remained steady in Brisbane, Adelaide and Perth; and decreased in Sydney, Melbourne and Darwin. Hobart had the largest increase while Sydney had the largest decrease,” he said.
“The weighted average vacancy rate for the eight capital cities remained steady at 2.6 per cent during the December quarter, a decrease of 0.1 [of a percentage point] for the year. The markets of all capital cities, except Darwin, have vacancy rates at or below the 3.0 per cent benchmark, indicating a strong demand for rental accommodation.
“Darwin had the highest vacancy rate of 8.2 per cent, which is 1.9 [per cent] higher than the same time as last year, an indication of low demand.”
The report also found that property prices have fallen across Australia, with houses declining by 2.3 per cent and other dwellings by 2.4 per cent.
Mr Kelly said the weighted average median price for houses for the eight capital cities decreased to $733,438 over the quarter, with prices falling in all capital cities except for Hobart and Adelaide and remaining stable in Perth.
“The weighted average median price for other dwellings decreased to $570,905 over the quarter, with prices decreasing in all capital cities except for Adelaide and Perth.
“Melbourne had the largest fall in house prices and Perth had the largest fall in other dwellings. Adelaide has the lowest median price for houses at $475,000 and Darwin the lowest median price for other dwellings at $350,000.
“Interestingly, in NSW, median prices for both houses and other dwellings have declined in both regional and urban areas. In Victoria, however, they have declined only in Melbourne, with the regional areas of Geelong, Bendigo and Ballarat still recording strong price growth.”