Rents have risen sharply across the country over the past 12 months, with Queenslanders being hit with the biggest increase in nearly 20 years.
The Real Estate Institute of Australia’s latest Real Estate Market Facts report shows rents jumped in all capital cities last quarter, with Brisbane leading the way.
REIA President Hayden Groves said that Queensland saw the largest increase in rents – its biggest since the December 2003 quarter.
“Brisbane rents have increased the most over the past year with three-bedroom houses increasing 22 per cent- and two-bedroom dwellings increasing 20 per cent,” Mr Groves said.
According to Mr Groves, the weighted average median rent for three-bedroom houses in the eight capital cities increased to $519 per week, a quarterly increase of 2.5 per cent.
“The median rent for three-bedroom houses increased in all capital cities over the quarter, except Canberra, where it remained stable,” he said.
“The weighted average median rent for two-bedroom other dwellings increased to $496 a week, a quarterly increase of 4.6 per cent.
“The median rent increased in all capital cities over the quarter, except in Hobart where it remained stable.”
The report also found the September quarter saw a decline in the weighted average capital city median price for both houses and other dwellings across the Australian residential property market.
Mr Groves said the weighted average capital city median price decreased 5.2 per cent for houses and 2.3 per cent for other dwellings.
“The weighted average median house price for the eight capital cities decreased to $958,581 over the quarter,” he said.
“The median house price decreased in all capital cities ranging from 0.4 per cent in Adelaide to 8.4 per cent in Canberra.
“At a median sale price of $1,464,371, Sydney’s median house price continues to be the highest amongst the capital cities, 52.8 per cent higher than the national median.
“At $530,000, Perth has the lowest median house price across Australian capital cities, 44.7 per cent lower than the national median.
“Over the 12 months to the September quarter, the weighted average capital city median house price decreased by 1.1 per cent indicating the weighted house price was below that of September 2020.”
Mr Groves said this is the first annual decrease since the September quarter in 2019.
“The weighted average median price for other dwellings for the eight capital cities decreased to $629,409, a quarterly decrease of 2.3 per cent,” he said.
“Over the quarter, the median price for other dwellings increased in Adelaide and Hobart but declined in Sydney, Melbourne, Brisbane, Perth, Canberra, and Darwin.
“At $754,812, Sydney’s median price for other dwellings continues to be the highest amongst the capital cities, 19.9 per cent higher than the national median.”
“At $399,000, Perth has the lowest median price for other dwellings across Australian capital cities, 36.6 per cent lower than the national median.
“Over the 12 months to the September quarter, the weighted average capital city median price for other dwellings decreased by three per cent.”
