Rent.com.au Monthly Market Report for August 2022

Report Highlights

• The plight for renters is real: 54% fewer properties were available nationally in August 2022 than at the height of the pandemic in April 2020, with the most significant falls in WA, QLD and SA.
• Australia’s rental markets have been tightening further, with vacancy rates for apartments and houses extremely low across the country.
• Overall Australian capital apartment prices rose 1% over the past month and 1.8% higher for houses

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 Darwin in August was 15% faster than in July 2022 – and the most significant change to time on market for both property types across the board.

Canberra houses stayed on the market the longest in August, averaging 23 days listed on Rent.com.au before leasing. Annually, the most significant change was recorded in Brisbane, with apartments leasing 38% quicker than in August 2021.

Perth Market

The price per room metric provides an alternate perspective on the cost of renting space within a property in
Australia. Apartment rooms today cost 14.3% more on average than they did back in August 2021 (12 months ago), with the steepest of all changes recorded in Melbourne – up 22.2% to $275 a week. Canberra also recorded an annual jump of 21.4%, bringing the price per room for the ACT capital to $420 a week. Room prices in Perth apartments rose for the third consecutive month, up 7.1% to $250 a week in August. A room in a Canberra apartment will set renters back $420 a week (up 21.4% month-on-month) – the most expensive of all metro areas in August 2022.

SOURCE: www.rent.com.au