Rent.com.au Monthly Market Report for November 2019

Report Highlights

• Sydney house median rents fell for the first time in over a year in November, dropping to
$595/week from $600/week.
• Brisbane apartment rents have been unchanged for six months running at $400/week, but the
Queensland capital’s house rents showed some movement, rising once again in November.
• Adelaide apartment median rents have been on the up since May 2019 and rose again in
November, up 3.2% to $320/week.
• The most noticeable shift month-on-month was in Canberra apartments, which came off market
30% faster in November, taking 15 days on average to move.

Days on Market

Rent.com.au’s average time on market measure provides context to the movement in asking rents across
the country. The most noticeable shift month-on-month was in Canberra apartments, which came off
market 30% faster in November, taking 15 days on average to move. Melbourne houses, conversely, came
off market 3% slower in November, an average of 23 days to lease on Rent.com.au. Of the five largest state
capitals, the most significant change was in Adelaide, where apartments took 20% less time to lease –
averaging 16 days on market.

Looking at house rents, the only capital to record a slowdown month-on-month was Darwin. Properties in
the NT capital took 4% longer to shift than in October 2019.

Perth Market

In November, Sydney’s house rents inched lower by 0.8% to $595/week – the first month-on-month
decline for this property type in over a year. Despite the fall, Rent.com.au’s latest data shows the New
South Wales capital continues to lead the list for unaffordability for both houses and apartments,
contended only by Canberra and Hobart, in most cases.

Across the country, national median rents were unchanged for both property types, but some marketing
tightening is evident as we move towards the rental market’s busier season, with asking median rents
(apartments) up in Darwin (6.3% to $340/week), Hobart (4.6% to $400/week), Adelaide (3.2% to
$320/week) and Canberra (2.2% to $460/week). House rents were also up in Hobart (2.2% to $460/week),
Canberra (1.8% to $560/week) and Brisbane (1.1% to $440/week).

Despite the upward movement in these capitals, some relief could be felt for tenants in Sydney searching
for houses, with a fall finally recorded in the median rent for houses – down 0.8% to $595/week. The
median rent has remained unchanged in the New South Wales capital for more than a year.

The most affordable apartments in November could be found in Adelaide, with asking rents now at
$320/week (up 3.2% month-on-month), while Perth house prices were still lowest at $370/week, down
1.3% month-on-month.

SOURCE: www.rent.com.au