Rent.com.au Monthly Market Report for February 2023
Report Highlights
- Sydney, NSW: Sydney has the highest median rent for both apartments ($600) and houses ($750) compared to other metro areas.
- Perth, WA: Perth saw the greatest monthly change in median rent for apartments (5.8%).
- Hobart, TAS: Hobart had the most significant decrease (-4.2%) during the same period.
- Melbourne, VIC: Melbourne had the biggest monthly change in median rent for houses (1%) compared to other metro areas.
- Canberra, ACT: The price per room was highest in Canberra ($253) and lowest in Perth ($200).
- Overall, the national median rent for apartments increased by 2.7% and for houses increased by 0.8%, while the price per room increased by 2% compared to the previous month.
Days on Market
The time on market (TOM) or time to lease (TTL) for Australia’s rental properties provides valuable insight in several ways for property owners and managers. 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.
The latest data on property leasing times in major Australian metro areas shows that the average time it takes to lease an apartment or a house has decreased in most regions compared to the same month the previous year. In February 2023, apartments in Sydney, Melbourne, Brisbane, and Perth were leased on average within 12-14 days, with Perth showing the fastest leasing times for both apartments and houses. Meanwhile, houses in Adelaide and Canberra took longer to lease, with average times of 16 and 24 days, respectively.
In terms of changes over the past year, apartments and houses in most regions were leased faster in February 2023 than in the same month in 2022. However, Adelaide experienced no change in apartment leasing times and a slowdown in house leasing times. At the same time, Hobart saw a slight increase in apartment leasing times and a significant increase in house leasing times. Darwin also saw a considerable rise in house leasing times. Overall, the data suggests that the property market in most metro areas is currently favourable for landlords, with leasing times decreasing and some areas experiencing strong demand for rental properties.
Perth Market
Perth, WA: Perth saw the greatest monthly change in median rent for apartments (5.8%).
Sydney topped the list for the highest median price per room for both apartments and houses, while Melbourne followed closely behind. Brisbane and Perth ranked third in the list for apartments and houses, respectively.
The latest data on property leasing times in major Australian metro areas shows that the average time it takes to lease an apartment or a house has decreased in most regions compared to the same month the previous year. In February 2023, apartments in Sydney, Melbourne, Brisbane, and Perth were leased on average within 12-14 days, with Perth showing the fastest leasing times for both apartments and houses. Meanwhile, houses in Adelaide and Canberra took longer to lease, with average times of 16 and 24 days, respectively.
SOURCE: www.rent.com.au
