Rent.com.au Monthly Market Report for April 2023
Report Highlights
- Sydney recorded the highest median rent for apartments and houses, with monthly increases of 1.5% and 4%, respectively.
- Sydney also recorded the highest combined price per room, against a monthly increase of 7.6%, while Adelaide saw the lowest price per room at $187, with a monthly increase of 2.2%.
- Darwin experienced a 4% monthly increase in median rent for apartments but a 2.3% decrease for houses and a significant decrease of 7.6% in price per room.
- The national median rent for apartments increased by 1.3%, by 0.8% for houses and the national median price per room increased by 4.2%.
- There was no change in median rent or price per room for Melbourne and Canberra apartments or houses in April 2023.
Days on Market
The table of leasing times for April 2023 highlights the competitive nature of the rental market in some areas of Australia. While some cities such as Darwin experienced faster leasing times for both apartments and houses, others such as Sydney, Melbourne and Brisbane saw slower leasing times, making it more challenging for property owners and managers to fill their vacancies quickly.
However, the monthly changes also suggest that some markets remain highly competitive, presenting opportunities for landlords to achieve higher rental prices. The time on market (TOM) or time to lease (TTL) data can provide valuable insights into market trends and property performance, enabling property owners and managers to make informed decisions about rental prices and property improvements.
Perth Market
Overall, the rental market presents a mixed picture, with median rent prices for apartments rising in most metro areas but taking a significant hit in Adelaide. Houses remained mostly steady, with minor increases in Hobart and Perth and a slight decline in Adelaide. The national median for median apartment prices increased by 1.3%, indicating growth in some areas, but Adelaide’s decline highlights the ongoing challenges in its rental market.
SOURCE: www.rent.com.au
