Rent.com.au has released its market data for October, showing that Adelaide has the most affordable rental stock and that Sydney still outranks the rest in median house rents.
The data shows that the most significant market slowdown was in Hobart.
The Tasmanian capital city saw a 13.7 per cent increase month-on-month, bringing the days on market for houses to 14.1 days on average. Apartments moved faster, recording a 3.5 per cent change to 11.5 days.
Houses in Sydney recorded the second most substantial change in days on market in October, dropping by 11.4 per cent to 22.1 days. Houses in Brisbane, Canberra, Darwin and Perth also recorded decreases.
The most affordable rental stock in October was to be found in Adelaide. Prices in the South Australian capital dropped by 1.69 per cent month-on-month to just $290/week. Hobart was a close second at $312/week, down by 0.79 per cent.
Perth’s rental market is showing early signs of recovery, with apartment prices there up by 3.23 per cent for the month to $320/week, now just the third most affordable in the country.
While Sydney apartment prices showed signs of stability in October, house rents were on the up. Rising by 3.33 per cent, the median rent for houses was recorded at $620/week.
Sydney continues to outrank all other Australian capitals in median house rents; only Canberra and Darwin come close at $500/week, respectively.
Conditions around the country, however, were largely stable. Perth, Adelaide, Hobart, Darwin and Canberra were unchanged month-on-month. Melbourne was the only capital to record a decrease in October, down by 2.44 per cent to $400/week.
Notwithstanding a rise in apartment prices, Perth held its lead as the capital with the cheapest room prices in September.
The city’s price per room rose by 1.22 per cent to $121/week. Adelaide followed close behind, with room prices steady at $130/week.
Across the country, six out of eight capitals recorded room prices less than the national median price per room ($175/week). The country’s priciest rooms were, somewhat unsurprisingly, found in Sydney at $275/week across all dwelling types.
Broken down, it would cost a renter $325/week for a room in a Sydney apartment, against a house price per room of $200/week.
The Northern Territory was the one Australian capital to record a drop in regional median rent prices month-on-month. NT rents fell by 1.08 per cent to $455/week.
Comparatively, prices rose in three state capitals. Victoria is up by 1.78 per cent to $285/week, Western Australia up by 1.56 per cent to $325/week and South Australia is up by 1.96 per cent to $260/week.
In October, NT continued to hold the lead title for most expensive regional rentals. Despite its price decrease dropping rents by 1.08 per cent, prices remained high at $455/week.
New South Wales trailed behind at $380/week, unchanged month-on-month.