Rent.com.au Monthly Market Report for January 2023

Report Highlights

Sydney, NSW: The price per room in Sydney remained unchanged in January 2023, but the apartment and house rents have increased slightly.
Melbourne, VIC: Melbourne’s apartment prices increased by 4.2% in January, with the price per room also experiencing a 5.6% increase. Meanwhile, house rents remained steady.
Brisbane, QLD: The rents in Brisbane stayed put in January, with no change in apartment prices, while house rents went up by a modest 1.6%. The price per room saw a slight increase of 4.2%.
Perth, WA: Both apartment and house rents in Perth increased slightly, by 0.4% and 1.8%, respectively. The price per room saw a 1.6% increase.
Adelaide, SA: In January, apartment rents in Adelaide climbed 4.7%, and house rents increased by 3.8%. The price per room experienced a 3.2% rise.

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 January 2023, Sydney had the quickest leasing time for apartments, taking 16 days on average, with a 1% faster monthly change and a 48% increase from the previous year. Hobart experienced a slower monthly change with a 12% increase, bringing the average leasing time to 16 days.

However, it still had a 33% increase from the previous year. On the other hand, Canberra had the slowest leasing time, with 28 days and a 34% slower monthly change, leading to a 38% slower leasing rate than the previous year.