Across the board, the most significant change in days on market took place in Perth and Brisbane in Q2

Rent.com.au has produced a report based on property leasing data from the April to June quarter (Q2), illustrating the shift in median rental property prices (both metro and regional), rental affordability (the median room price metric) and the Walk Score® / median rent and room price.

Photo: iStock/tap10.

Rent.com.au has aligned its data set with the updated ABS structures released in census 2016 data in late June, including the Greater Capital City Statistical Areas (GSCSA). This release and subsequent update has resulted in minor changes to our reporting areas and results from May 2017.

AVERAGE MEDIAN RENT BY PROPERTY TYPE

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Q2 SUMMARY

Rent.com.au’s Q2 2017 (April – June) report reveals prices remained relatively steady across the period, with median rent price decreases in four of the state capitals, and increases in those remaining.

Of the metro areas, Brisbane, Perth, Adelaide and Darwin recorded a decrease in median rent. Perth saw the most significant dip in pricing, down 2.78% to $350/week in Q2. Rents in Brisbane also dropped, this time by 2.44% to $400/week.

Sydney was the only state capital which saw no change to results from the past quarter, stationary at $550/week. With only Canberra as its closest contender price-wise ($460/week), Sydney remains the most expensive city in Q2 for house hunters.

Rents were also on the rise in Melbourne (up 1.27% to 400/week) and Hobart (up 2.78% to $370/week). Nationally, the market remained stable quarter-on-quarter; the national median average staying at $390/week.

MEDIAN RENT AND PRICE PER ROOM (all property types)

Metro area Q1 Q2 % change Q1 Q2 % change
Sydney $550 $550 0.00% $265 $275 3.77%
Melbourne $395 $400 1.27% $170 $165 -2.94%
Brisbane $410 $400 -2.44% $165 $153 -7.09%
Perth $360 $350 -2.78% $130 $125 -3.85%
Adelaide $340 $335 -1.47% $131 $128 -2.89%
Hobart $360 $370 2.78% $150 $140 -6.67%
Darwin $450 $440 -2.22% $167 $163 -2.52%
Canberra $450 $460 2.22% $190 $188 -1.32%
National average $390 $390 0.00% $180 $175 -2.78%

REGIONAL MEDIAN RENT (all property types)

In Q2, regional median rents were largely unchanged from the previous quarter. The national average median rent was stable at $390/week.

Price decreases did occur in Brisbane (down 2.44% to $400/week), Perth (down 2.78% to $350/week), Adelaide (down 1.47% to $335/week) and in Darwin, which dropped 2.22% to record a median of $440/week.

The most significant rise in regional median rents was in Hobart, where prices rose 2.78% to $370/week.

Metro area Q1 Q2 % change
Sydney $550 $550 0.00%
Melbourne $395 $400 1.27%
Brisbane $410 $400 -2.44%
Perth $360 $350 -2.78%
Adelaide $340 $335 -1.47%
Hobart $360 $370 2.78%
Darwin $450 $440 -2.22%
Canberra $450 $460 2.22%
National average $390 $390 0.00%

MEDIAN DAYS ON MARKET (Q2 2017)

Apartments Houses
Metro area Q1 Q2 % change Q1 Q2 % change
Sydney 19.31 19.01 -1.55% 23 21.87 -4.91%
Melbourne 22.01 20.05 -8.91% 23.17 22.84 -1.42%
Brisbane 27.01 31.08 15.07% 25.88 28.12 8.66%
Perth 37.88 43.95 16.02% 36.98 41.16 11.30%
Adelaide 28.16 28.95 2.81% 25.09 26.75 6.62%
Hobart 14.85 15.83 6.60% 15.83 17.05 7.71%
Darwin 39.16 41.84 6.84% 36.88 39.98 8.41%
Canberra 20 19.6 -2.00% 18.67 20.84 11.62%

Across the board, the most significant change in days on market took place in Perth and Brisbane in Q2. Perth apartment turnover slowed by 16.02% to 43.95 days in the period, while Brisbane came close with a 15.07% increase in days on market, now 31.08 days.

Changes were less significant for houses across the country, the highest recorded change took place in Canberra, slowing from 18.67 days in Q1 to 20.84 days in Q2, an increase of 11.62%.

HIGHEST AND LOWEST GROWTH SUBURBS

State Suburb Q1 Q2 % change
NSW (Highest growth) Revesby $500.00 $550.00 10.00%
Mayfield $350.00 $385.00 10.00%
Cremorne $620.00 $680.00 9.68%
Granville $420.00 $460.00 9.52%
North Sydney $600.00 $650.00 8.33%
NSW (Lowest growth) Newcastle $450.00 $420.00 -6.67%
Wagga Wagga $300.00 $280.00 -6.67%
Seven Hills $450.00 $420.00 -6.67%
Balmain $792.50 $740.00 -6.62%
Bondi Junction $792.50 $750.00 -5.36%
VIC (Highest growth) Hawthorn $370.00 $410.00 10.81%
Warragul $295.00 $320.00 8.47%
Thornbury $370.00 $400.00 8.11%
Box Hill $352.50 $380.00 7.80%
Glen Iris $415.00 $445.00 7.23%
VIC (Lowest growth) Carlton $450.00 $410.00 -8.89%
Brighton $650.00 $600.00 -7.69%
Glenroy $360.00 $350.00 -2.78%
Elwood $435.00 $425.00 -2.30%
Croydon $377.50 $370.00 -1.99%
QLD (Highest growth) North Mackay $230.00 $245.00 6.52%
Burleigh Heads $470.00 $500.00 6.38%
Morayfield $320.00 $340.00 6.25%
Cannonvale $330.00 $350.00 6.06%
Buderim $450.00 $475.00 5.56%
QLD (Lowest growth) Kelvin Grove $450.00 $400.00 -11.11%
St Lucia $450.00 $400.00 -11.11%
Paddington $505.00 $465.00 -7.92%
Kangaroo Point $477.50 $450.00 -5.76%
Upper Mount Gravatt $440.00 $415.00 -5.68%
WA (Highest growth) Kalgoorlie $320.00 $350.00 9.38%
Dianella $330.00 $350.00 6.06%
Secret Harbour $370.00 $380.00 2.70%
East Perth $425.00 $430.00 1.18%
Innaloo $425.00 $427.50 0.59%
WA (Lowest growth) Victoria Park $350.00 $310.00 -11.43%
Rivervale $355.00 $330.00 -7.04%
West Perth $430.00 $400.00 -6.98%
Maylands $300.00 $280.00 -6.67%
Thornlie $342.50 $320.00 -6.57%


WALK SCORE
® MEETS PRICE PER ROOM
APARTMENTS

NSW VIC QLD WA SA TAS NT ACT
Car dependent $175.00 $140.00 $137.50 $137.50 $127.50 $127.50 $180.00 $240.00
Somewhat walkable $225.00 $170.00 $166.70 $160.00 $140.00 $133.30 $195.80 $280.00
Very walkable $260.00 $212.50 $200.00 $198.30 $150.00 $180.00 $200.00 $315.80
Walker’s paradise $395.00 $300.00 $275.00 $240.00 $225.00 $225.00 $275.00 $350.00

Rent.com.au’s Q2 report compares Walk Score® data to price-per-room data on all leased properties in the period with an aim to identify price trends in areas with varying levels of walkability.

WALK SCORE® MEETS PRICE PER ROOM
HOUSES

NSW VIC QLD WA SA TAS NT ACT
Car dependent $136.70 $112.50 $112.50 $105.00 $100.00 $103.30 $150.00 $156.70
Somewhat walkable $160.00 $128.30 $130.00 $121.70 $120.00 $110.00 $166.70 $175.00
Very walkable $190.00 $160.00 $148.80 $145.00 $143.30 $137.50 $150.00 $180.00
Walker’s paradise $322.50 $260.00 $183.30 $192.50 $200.00 $180.00 $375.00 $330.00

Source: rent.com.au. Figures for properties leased in the month of June 2017. http://ljgrealestate.com.au/rental/10b-karawatha-street-springwood-qld-4127-2

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