Rent.com.au Monthly Market Report for July 2022

Report Highlights

• Properties still down: There are still 28% fewer available rental properties on the market, looking at the change from July 2022 versus July 2021.
• Sydney, Melbourne, Perth and Canberra recorded monthly increases to the median rent for both property types.
• The Reserve Bank raised interest rates for the third time in as many months to tackle inflation.

Days on Market

Rent.com.au’s average time on market measure is designed to explain the movement in median rents across Australia. The 16 median days to lease a property in Perth in July was 16% faster than in June – and the most significant change to time on market for both property types across the board.

Melbourne apartments stayed on market longest of all of this property type in July, averaging 21 days listed on Rent.com.au before leasing. Houses also saw a general slowdown month-on-month, with Hobart 8% slower (now 19 days), Adelaide 7% slower (currently 17 days) and Canberra 4% slower at 21 days.

Perth Market

Rooms in Brisbane and Perth apartments recorded their first annual increase since July 2019, rising 12.9% and 10.3%, respectively. A room in a Sydney and Canberra apartment will set renters back $350 a week (up 18.6% and 11.1% in that order) –the most expensive of all metro areas in July 2022.

SOURCE: www.rent.com.au