Rent.com.au Monthly Market Report for September 2022
Report Highlights
- In Sept, there were just short of 50,000 vacant rental properties to cater to a population of 26 million.
- Australia’s markets have tightened further, with vacancy rates for apartments & houses now around 1%.
- Overall Australian capital apartment prices rose 2% 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 21 median days to lease a property in Hobart in September was 23% slower than in August – and the most significant change to time on market for both property types across the board.
Melbourne houses stayed on the market the longest in September, averaging 22 days listed on Rent.com.au before leasing. Annually, the most significant change for houses was recorded in Adelaide, leasing 11% quicker than in September last year.
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 19.2% more on average than they did back in September 2021 (12 months
ago), with the steepest of all changes recorded in Melbourne – up 24.4% to $280 a week. Sydney recorded an annual jump of 16.7%, bringing the price per room for apartments in the NSW capital to $350 a week. Room prices in Perth apartments rose for the fourth consecutive month, up 13.7% to $250 a week in September. A room in a Canberra apartment will set renters back $350 a week (up 2.9% year on year) – on par with Sydney as the most expensive of all metro areas in September 2022.
SOURCE: www.rent.com.au
