Rent.com.au Monthly Market Report for December 2022
Report Highlights
- In Sydney, the median rent for apartments rose to $575, with a slight increase of 0.8% from the previous month. However, the median house rent and price per room remained unchanged at $720 and $300, respectively.
- Moving onto Melbourne, the median rent for apartments increased by 2.2% to $450. The median rent for houses also went up by 2% to $490, while the price per room remains steady at $200.
- Brisbane saw a similar trend, with the median rent for apartments rising to $500 and experiencing a 2% increase. The median rent for houses is $590, which increased by 0.8%, and the price per room is $203, which increased by 1.4%.
- Perth’s market remained relatively stable, with the median rent for apartments remaining $450. However, the median house rent increased by 3.7% to $540, while the price per room decreased by 0.5% to $183.
- Adelaide’s rental market also saw little change, with the median rent for apartments and houses remaining at $400 and $500, respectively. The price per room increased slightly by 0.5% to $177.
Days on Market
Considering the monthly change in time on market (TOM) or time to lease (TTL) for Australia’s rental properties provides valuable insight for property owners and managers in several ways.
It goes some way to indicate how well a property is performing in the market, provides insight into overall rental market conditions and market trends, and helps landlords and property managers decide whether to lower the price or make some improvements in the property if the rental has been on the market for a long time.
Rent.com.au uses the average time on market measure to explain the movement in median rents across Australia. In December 2022, Brisbane apartments were hot property, leasing in just 11 days on average. Melbourne apartments saw the biggest change year-on-year, leasing 46% faster than the previous year.
As for houses, Perth was the fastest to lease in December, taking only 14 days on average. But, on the flip side, Darwin’s houses slowed down 33% annually.
Perth Market
Perth’s market remained relatively stable, with the median rent for apartments remaining $450. However, the median house rent increased by 3.7% to $540, while the price per room decreased by 0.5% to $183.
December 2022’s market data indicates that the median rent for apartments in Sydney and Melbourne were at $575 and $450, respectively, while Brisbane was sitting pretty at $500. As for houses, the median rent in Melbourne and Brisbane is $490 and $590, respectively. The price per room for both property types combined also saw a slight increase in these regions. Perth’s market is still steady, with the median house rent going up by 3.7% to $540.
Rent.com.au’s latest report shows that the apartment room prices in Sydney, Melbourne, Perth, and Canberra have seen the most significant jump, with Sydney leading the pack at a 17.2% increase in price per room.
Perth was the fastest to lease in December, taking only 14 days on average. But, on the flip side, Darwin’s houses slowed down 33% annually.
SOURCE: www.rent.com.au
