Rent.com.au Monthly Market Report for November 2022

Report Highlights

• The rental market records an 0.1% lift in availability, bringing vacancy rates from 0.9% to almost 1%
• The biggest stock improvements were seen in the ACT (up 27.2% from Oct), NSW (up 16.9%) and NT (up 10%)
• Everybody’s Home called for all governments to bolster social housing stock to 25,000 dwellings annually.
• The latest Rental Affordability Index (RAI) highlighted that over 40% of low-income households are now in rental stress.

Days on Market

Rent.com.au’s average time on market measure is designed to explain the movement in median rents across Australia. The 24 median days to lease a property in Darwin in November was 35% slower than in October – and the most significant change to time on market for both property types across the board.

Melbourne houses matched Darwin for time to lease in November at 24 days. The most significant change for houses annually was recorded in Canberra, leasing 33% quicker than in November 2021.

Perth Market

Looking at November’s median rent data, the most affordable metro capital was again Adelaide, where apartment rents were $400 a week, down 2.9% from October. Perth recorded a noticeable increase in median house rents month-on-month, rising 5.8% to $520 a week.

SOURCE: www.rent.com.au