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Tenant's market in some cities, landlord's market in others
Rents have surged in Canberra and Hobart over the past year, while they’ve gone the other way in Perth and Darwin.
SQM Research has reported that Canberra’s average weekly house rent has now reached $574.80 – a 9.3 per cent increase on the previous year.
During the same period, Canberra’s average weekly apartment rent rose 6.0 per cent to $424.40.
By way of comparison, Australia’s annual inflation rate is 2.1 per cent.
Rents also increased significantly in Hobart, with house rents up 3.0 per cent to $360.60 and unit rents up 10.5 per cent to $321.40.
Average house rents
| City | Rent | Monthly change | Annual change | 3-year change |
|---|---|---|---|---|
| Sydney | $742.80 | -0.6% | +2.9% | +11.7% |
| Melbourne | $513.80 | +0.2% | +6.4% | +11.1% |
| Brisbane | $447.20 | +0.1% | -0.4% | +1.1% |
| Perth | $428.10 | -0.9% | -7.5% | -20.6% |
| Adelaide | $371.80 | +0.6% | +0.4% | +3.9% |
| Hobart | $360.60 | +0.6% | +3.0% | +14.7% |
| Canberra | $574.80 | +0.4% | +9.3% | +15.5% |
| Darwin | $527.10 | -3.4% | -6.9% | -27.1% |
Perth, though, went backwards, with house rents down 7.5 per cent to $428.10 and apartment rents down 9.4 per cent to $336.50.
It was a similar story in Darwin, where house rents fell 6.9 per cent to $527.10 and unit rents fell 5.5 per cent to $410.10.
Average apartment rents
| City | Rent | Monthly change | Annual change | 3-year change |
|---|---|---|---|---|
| Sydney | $521.00 | +0.3% | +3.2% | +9.6% |
| Melbourne | $395.50 | +0.3% | +4.7% | +10.9% |
| Brisbane | $367.60 | -0.5% | -1.2% | +0.7% |
| Perth | $336.50 | -0.3% | -9.4% | -22.5% |
| Adelaide | $290.10 | -0.6% | +1.8% | +3.8% |
| Hobart | $321.40 | +6.5% | +10.5% | +18.1% |
| Canberra | $424.40 | -0.3% | +6.0% | +10.0% |
| Darwin | $410.10 | -1.1% | -5.5% | -22.5% |
Three-year view
Over the past three years, half of Australia’s capitals have experienced rental growth above 4.8 per cent, which was the rate of inflation during that period.
Rents in Hobart, Canberra, Melbourne and Sydney have grown faster than the inflation rate.
Adelaide and Brisbane have grown slower than the inflation rate, while Darwin and Perth have actually gone backwards.
Disclaimer
This article is over two years old, last updated on May 17, 2017. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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