Key takeaways
Most capital cities reported lower house rents over September, with Sydney continuing to report the highest weekly asking house rents at $800 per week, and Hobart still the most affordable, steady at $550 per week.
Over September, capital city unit vacancy rates were mostly lower compared to August, with Canberra and Melbourne continuing to track above 2.0%. Home rental markets again produced varied results over the first month of spring, with rental growth remaining subdued.
Capital city home rental markets reported varied results over the first month of spring with vacancy rates continuing to tighten following the mid-year easing.
House rents however were generally lower again with mixed rental growth for units.
Most capitals again reported lower house rents over September with the exception of volatile Darwin with an increase of 5.6% and Hobart and Canberra where rents were steady.
Brisbane, Sydney, Perth, Adelaide and Melbourne were all lower over the month, falling by 0.4%, 1.2%, 1.5%, 1.6% and 2.4% respectively.
Sydney continues to report clearly the highest weekly asking house rents at $800 per week with Hobart still the most affordable, steady at $550 per week.
Most capitals however continue to report sharp annual increases in house rents, with Darwin the highest rising 8.3%, Perth up by 9.2%, Adelaide higher by 8.4%, Sydney up 6.7%, Brisbane up 6.3%, and Melbourne rising 4.1%.
Hobart annual house rents have increased by 1.9% and Canberra is up 1.5%.
Most capital city house vacancy rates fell over September and remain just above or below 1.0%.
Median Weekly Asking Rents September 2024 - HOUSES
| City | Rent | Month | Year | Vacancy Rate | Change |
|---|---|---|---|---|---|
| Sydney | $800 | -1.2% | 6.7% | 1.3% | ↔ |
| Melbourne | $600 | -2.4% | 4.1% | 1.3% | ↑ |
| Brisbane | $638 | -0.4% | 6.3% | 1.1% | ↓ |
| Adelaide | $610 | -1.6% | 8.4% | 1.0% | ↔ |
| Perth | $655 | -1.5% | 9.2% | 0.9% | ↓ |
| Hobart | $550 | 0.0% | 1.9% | 0.9% | ↓ |
| Darwin | $750 | 5.6% | 8.3% | 0.6% | ↓ |
| Canberra | $680 | 0.0% | 1.5% | 1.8% | ↓ |
The unit rental market
Unit rents however were generally higher or steady over the month after recent easing with Hobart the top performer up by 2.3% followed by Perth up 1.7% and Brisbane higher by 0.4%.
Rents were steady in Sydney Adelaide and Canberra but fell in Melbourne and Darwin by 1.3% and 4.0% respectively
Perth and Adelaide's annual unit rental growth remains sharply higher – up by 11.8% and 11.1% respectively.
Brisbane unit rents have increased by 5.5% over the year to September, with Melbourne up 5.0% and Darwin 2.7% higher.
Sydney, Hobart and Canberra annual unit rents are steady.
Sydney remains the clear leader for weekly unit rents at $750, with Hobart still the most affordable now at $450 per week.
Similar to houses, capital city unit vacancy rates were mostly lower over September compared to August with Canberra and Melbourne continuing to track above 2.0%.
- Also read:Melbourne housing market update [video] | October 2024
- Also read:Sydney housing market update [video] | October 2024
- Also read:Vacancy Rates Fall back to 1.2% | SQM Research
- Also read:Australian housing market update [CoreLogic’s video] | October 2024
- Also read:We’re Not Building Enough Homes! Australia’s Building Crisis Will Impact You Sooner Than You Think! | Property Insiders
Median Weekly Asking Rents September 2024 - UNITS
| City | Rent | Month | Year | Vacancy Rate | Change |
|---|---|---|---|---|---|
| Sydney | $750 | 0.0% | 0.0% | 1.7% | ↓ |
| Melbourne | $578 | -1.3% | 5.0% | 2.6% | ↑ |
| Brisbane | $623 | 0.4% | 5.5% | 1.5% | ↓ |
| Adelaide | $500 | 0.0% | 11.1% | 1.0% | ↑ |
| Perth | $615 | 1.7% | 11.8% | 0.7% | ↓ |
| Hobart | $450 | 2.3% | 0.0% | 1.7% | ↓ |
| Darwin | $565 | -4.0% | 2.7% | 1.2% | ↑ |
| Canberra | $550 | 0.0% | 0.0% | 3.2% | ↓ |
Home rental markets again produced varied results over the first month of spring, and although low vacancy rates have continued to tighten after the recent mid-year easing, rental growth remains subdued.
Although rental markets have improved marginally for tenants over recent months, they remain overall clearly in favour of landlords with strong competition for available homes that remain in short supply.
