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Landlords laughing in Melbourne, crying in Perth
Weekly rents have increased in six of Australia’s eight capital cities over the past year – in some cases, by double-digit amounts.
SQM Research has reported increases in every capital except for Perth and Darwin during the 12 months to 8 August 2017.
The average weekly rental rate for houses jumped by more than 10 per cent in Melbourne, Canberra, Hobart and Sydney (see table below).
Average weekly rent – houses
| Region | Weekly rent | Monthly change | Annual change |
|---|---|---|---|
| Sydney | $1,327.00 | -0.7% | 12.2% |
| Melbourne | $928.40 | -0.4% | 21.3% |
| Brisbane | $608.40 | 0.4% | 3.1% |
| Perth | $661.80 | -0.1% | -3.9% |
| Adelaide | $507.00 | -0.2% | 3.7% |
| Hobart | $459.50 | -1.3% | 13.6% |
| Canberra | $736.40 | 2.2% | 15.5% |
| Darwin | $607.30 | 0.1% | -3.1% |
| All capitals | $934.40 | 0.2% | 11.8% |
| Australia | $551.90 | 0.1% | 10.1% |
Unit rents growing more slowly
While house rents across Australia grew by 10.1 per cent, unit rents climbed by only 4.8 per cent.
Melbourne and Hobart were the only capitals to post double-digit increases (see table below).
In contrast, the troubled markets of Perth and Darwin posted sharp falls in rental rates.
Average weekly rent – units
| Region | Weekly rent | Monthly change | Annual change |
|---|---|---|---|
| Sydney | $700.00 | 0.4% | 5.3% |
| Melbourne | $505.20 | 0.5% | 10.8% |
| Brisbane | $383.20 | 0.3% | 2.2% |
| Perth | $398.30 | -1.4% | -8.0% |
| Adelaide | $298.50 | 0.0% | 2.7% |
| Hobart | $314.80 | 3.3% | 11.4% |
| Canberra | $383.20 | -0.2% | 4.1% |
| Darwin | $418.60 | -0.3% | -9.1% |
| All capitals | $559.10 | 0.5% | 5.5% |
| Australia | $362.90 | 0.4% | 4.8% |
Disclaimer
This article is over two years old, last updated on August 10, 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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