Rent.com.au Monthly Market Report for August 2020

Report Highlights

• As restrictions begin to ease across the country, rents in some metro areas have begun to slowly improve – but Melbourne recorded consistent falls in August for both apartments and houses.
• Perth remains the only metro capital where house rents are under $400/week, now a median $390/week.
• Adelaide, Hobart and Darwin were the only three metro capitals to record an increase in the national rental price per room (apartments and houses combined).

Days on Market

Rent.com.au’s average time on market measure is designed to provide some context to the movement in median rents across Australia.

Hobart apartments saw the most change in August, leasing 29% slower, now 22 days. For houses, only rentals in Melbourne and Canberra slowed month-on-month, with a 7% and 12% increase in time on market, respectively. All other metro capitals saw improvements for houses.

The most significant change in property leasing time (year-on-year) from August 2019 was also in Hobart, with a 62% increase in time on market.

Perth Market

State and territory capital median rents held up relatively well in August, considering the ongoing COVID-19 crisis, with no overall change to the national median, but Melbourne did record a fall across both property types month-on-month. Darwin recorded the most significant change to median rents (up 9.3% to $350/week) and Perth remains the only metro capital where house rents are under $400/week, now a median $390/week.

SOURCE: www.rent.com.au