RP Data Quarterly Rental Review - CoreLogic...All other cities recorded a rise in rental rates, with...

RP Data Quarterly Rental ReviewJune 2014

Quartlery Rental Report | June 2014

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Over the first six months of 2014 the performance across Australia’s rental markets has been varied. House rents have remained unchanged across the combined capital cities, while for units, rents are up 2.4 per cent over the calendar year so far. On an annual basis, however, rents across both the combined capital city house and unit markets have both risen by 2.4 per cent.

The most recent vacancy rate data sourced from the REIA shows that vacancy rates across many of the capital city markets have fallen over the March quarter. Sydney continues to have the lowest vacancy rates of any capital city market with just 1.4 per cent of rental properties vacant, followed by Brisbane (2.3 per cent).

Key rental statistics to June Quarter 2014

Sydney Melbourne Brisbane Adelaide Perth Hobart Darwin CanberraCombined Capitals

National

Houses

Median rent $520 $380 $400 $345 $475 $325 $650 $490 $430 $400

Qtrly change 0.0% -1.3% 0.0% 0.0% -1.0% -1.5% 0.0% 0.0% 0.0% 1.3%

YTD change 0.0% 0.0% 0.0% 1.5% -1.0% -1.5% 0.0% -2.0% 0.0% 1.3%

YOY change 4.0% 2.7% 1.3% 1.5% -5.0% 0.0% 3.2% -3.9% 2.4% 2.6%

5yr avg annual change 2.9% 1.7% 2.1% 2.8% 4.6% 0.9% 5.4% 1.7% 3.3% 2.7%

Units

Median rent $500 $370 $390 $300 $450 $280 $550 $395 $420 $390

Qtrly change 2.0% 1.4% -1.3% 0.0% 0.0% 0.0% 0.0% -2.5% 1.2% 0.0%

YTD change 3.1% 2.8% 0.0% 0.0% -1.1% 3.7% 0.0% -3.7% 2.4% 1.3%

YOY change 4.2% 2.8% 2.6% 1.7% -5.3% 1.8% 7.8% -6.5% 2.4% 0.0%

5yr avg annual change 3.5% 2.9% 2.5% 2.5% 4.6% 1.5% 6.6% 0.8% 3.7% 2.8%

Quarterly movements

Capital city rental rates over the three months to June 2014 remained unchanged for houses at $430 per week, while unit rents rose by 1.2 per cent to $420 per week. Meanwhile on a national level, house rents rose 1.3 per cent to $400 per week, while unit rents remained steady over the quarter at $390.

On a city-by-city basis for houses, Sydney, Brisbane, Adelaide, Darwin and Canberra all recorded no change in weekly rental rates, while Melbourne (-1.3 per cent), Perth (-1.0 per cent) and Hobart (-1.5 per cent) all saw a decline in weekly advertised rents over the quarter. While for houses, no city saw rents increase over the quarter, Adelaide (1.5 per cent) is the only city to see a rise in rents over the 2014 calendar year-to-date.

For units, two cities (Sydney and Melbourne) both recorded a rise in rents over the quarter, up 2.0 per cent and 1.4 per cent respectively. Brisbane (-1.3 per cent) and Canberra (-2.5 per cent) both recorded a fall in rents over the three months ending June, while all other cities saw rental rates remain unchanged.

Annual movements

On a national basis, rents for houses increased by 2.6 per cent over the year to June 2014, which sits in line with the average annual growth over the past five years (2.7 per cent), however nationally, unit rental rates have remained unchanged over the year, which is well below the average annual five year growth (2.8 per cent). Across the combined capital cities, rents for both houses and units increased by 2.4 per cent over the year to June, bringing the weekly rent to $430 for houses and $420 for units.

Across the detached housing market, Perth (-5.0 per cent) and Canberra (-3.9 per cent) saw rents fall over the year to June, while Darwin rents remained steady over the year. All other cities recorded a rise in rental rates, with Sydney rents up by the most substantial amount (4.0 per cent) with more moderate growth in Brisbane (1.3 per cent).

Similarly, across the unit market, Perth (-5.3 per cent) and Canberra (-6.5 per cent) saw rents fall over the year to June 2014, while all other capital cities recorded a rise in rental rates over the 12 month period.

Headline results for March quarter 2014


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Rental rates for Sydney houses remained unchanged over the three months to June 2014 at $520 per week while for units rents have risen by 2.0 per cent over the June quarter to $500 per week.

Despite no change in overall house rents over the June 2014 quarter, houses with four bedrooms recorded a 3.3 per cent rise to $620 per week. Three bedroom houses ($470) and houses with five or more bedrooms ($850) saw rents remain unchanged over the three months.

Across the unit market, each product type recorded a rise in rents over the three months ending June 2014. Three bedroom units recorded a 3.5 per cent rise, followed by two bedroom units (3.1 per cent) and one bedroom units (1.1 per cent).

Over the 12 months to June 2014 no Sydney region recorded a fall in rental rates for houses, however rents across the Fairfield-Liverpool region remained unchanged at $450 per week. The most substantial rise in rents was seen across the Lower Northern Sydney region, where rents increased by 10.4 per cent to $900 per week which is well above five year average for the region (6.7 per cent).

For units, Outer Western Sydney was the only market where rents fell over the year (-2.9 per cent). On the other end of the scale, Northern Beaches (5.6 per cent) and Inner Sydney (5.5 per cent) recorded the strongest rental growth over the 12 months to June.

Key rental statistics by number of bedrooms

Houses

Property typeMedian weekly

rentQtr YTD YOY

5yr avg annual

3 bedroom $470 0.0% 0.0% 2.2% 1.8%

4 bedroom $620 3.3% 1.6% 5.1% 2.4%

5+ bedroom $850 0.0% 6.3% 6.9% 4.0%

Houses $520 0.0% 0.0% 4.0% 2.9%

Units


rentQtr YTD YOY

5yr avg annual

1 bedroom $470 1.1% 4.4% 4.4% 4.3%

2 bedroom $495 3.1% 3.1% 4.2% 3.3%

3 bedroom $590 3.5% 5.4% 3.5% 2.2%

Units $500 2.0% 3.1% 4.2% 3.5%

Sydney

Houses Units

Statistical Sub DivisionWeekly

RentQtr YTD YOY

5yr avg annually

Weekly Rent

Qtr YTD YOY5yr avg annually

Blacktown $420 0.0% 0.0% 2.4% 3.7% $380 0.0% 0.0% 2.7% 4.2%

Canterbury-Bankstown $525 1.0% 5.0% 5.0% 5.6% $395 1.3% 1.3% 1.3% 4.3%

Central Coast $400 2.6% 5.3% 5.3% 5.2% $360 2.9% 2.9% 2.9% 5.2%

Central Northern Sydney $680 -1.4% 0.0% 1.5% 2.7% $530 1.9% 1.0% 1.4% 5.8%

Central Western Sydney $480 2.1% 2.1% 4.3% 4.8% $430 0.0% 2.4% 2.4% 4.2%

Eastern Suburbs $990 -1.0% 1.5% 4.2% 6.6% $625 4.2% 4.2% 4.2% 4.8%

Fairfield-Liverpool $450 0.0% 0.0% 0.0% 3.4% $340 0.0% -2.9% 3.0% 3.2%

Inner Sydney $750 2.7% 3.4% 7.1% 6.4% $580 5.5% 5.5% 5.5% 4.7%

Inner Western Sydney $680 -1.4% 4.6% 4.6% 6.3% $520 0.0% 2.0% 4.0% 3.4%

Lower Northern Sydney $900 5.9% 5.9% 10.4% 6.7% $550 1.9% 1.9% 3.8% 4.1%

Northern Beaches $900 -2.7% 0.0% 5.9% 5.2% $550 0.0% 0.0% 5.6% 4.1%

Outer SW Sydney $420 0.0% 5.0% 3.7% 4.9% $350 0.0% 2.9% 2.9% 6.1%

Outer Western Sydney $410 2.5% 2.5% 3.8% 5.8% $340 -2.9% -2.9% -2.9% 4.7%

St George-Sutherland $600 0.0% 0.0% 1.7% 4.1% $450 0.0% 0.0% 2.3% 4.0%

Houses

$520House rents have remained unchanged over the quarter

Units

$500Unit rents have increased by 2.0% over the quarter


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Over the three months ending June 2014, Melbourne house rents fell by -1.3 per cent, while for units a rise of 1.4 per cent was recorded. This brings the current rental rates for Melbourne to $380 per week for houses and $370 per week for units.

There were minimal changes across each individual type of detached houses over the June 2014 quarter. Houses with five or more bedrooms were the only product type to record a change in rents, up 0.3 per cent over the quarter. Over the past 12 months however, each individual product type has recorded a rise in rental rates.

For units, both two bedroom units (-1.3 per cent) and three bedroom units (-1.2 per cent) recorded a fall in rents over the three months to June 2014. Rents remained steady at $320 per week for one bedroom units.

Over the 12 months to June 2014 the most substantial growth in house rents was recorded across Moreland City (10.5 per cent) and Boroondara City (8.3 per cent) with both regions outperforming when compared to their average annual growth over the past five years. No Melbourne region saw rental rates fall over the year, however Eastern Outer Melbourne recorded no growth, while Inner Melbourne rents remained virtually unchanged (0.8 per cent).

On the other hand, for units both Frankston City (-1.7 per cent) and Boroondara City (-1.3 per cent) recorded a fall in rents over the year, while Mornington Peninsula Shire rents rose by 6.7 per cent, the most substantial rise across Melbourne over the year.


Houses


rentQtr YTD YOY

5yr avg annual

3 bedroom $360 0.0% 1.4% 2.9% 2.1%

4 bedroom $450 0.0% 2.3% 5.4% 2.6%

5+ bedroom $580 0.3% 5.5% 5.5% 1.8%

Houses $380 -1.3% 0.0% 2.7% 1.7%

Units


rentQtr YTD YOY

5yr avg annual

1 bedroom $320 0.0% 3.2% 0.0% 3.5%

2 bedroom $375 -1.3% 1.4% 1.4% 3.2%

3 bedroom $415 -1.2% -1.2% 3.8% 2.9%

Units $370 1.4% 2.8% 2.8% 2.9%

Melbourne

Houses Units


RentQtr YTD YOY

5yr avg annually

Weekly Rent


Boroondara City $650 8.3% 8.3% 8.3% 3.8% $395 1.3% 1.3% -1.3% 2.4%

Eastern Middle Melbourne $440 2.3% 4.8% 4.8% 3.0% $380 0.0% 2.7% 1.3% 2.2%

Eastern Outer Melbourne $380 0.0% 0.0% 0.0% 2.9% $335 0.0% 1.5% 1.5% 3.7%

Frankston City $335 -1.5% 1.5% 1.5% 3.3% $285 0.0% 0.0% -1.7% 2.7%

Greater Dandenong City $350 2.9% 2.9% 6.1% 3.1% $290 1.8% 3.6% 3.6% 3.0%

Hume City $330 0.0% 0.0% 3.1% 1.9% $310 0.0% 0.8% 3.3% 3.6%

Inner Melbourne $600 0.8% 4.3% 0.8% 2.9% $445 3.5% 6.0% 1.1% 2.7%

Melton-Wyndham $320 1.6% 3.2% 6.7% 2.7% $280 0.0% 0.0% 5.7% 3.1%

Moreland City $420 5.0% 2.4% 10.5% 3.1% $350 0.0% 0.0% 4.5% 3.1%

Mornington Peninsula Shire $350 0.0% 2.9% 2.9% 3.1% $320 0.0% 3.2% 6.7% 4.2%

Northern Middle Melbourne $400 0.0% 0.0% 3.9% 2.3% $340 0.0% 3.0% 3.0% 2.9%

Northern Outer Melbourne $345 1.5% 1.5% 1.5% 1.5% $310 0.0% 0.0% 3.3% 2.1%

SE Outer Melbourne $340 0.0% 1.5% 3.0% 2.9% $300 3.4% 3.4% 3.4% 3.7%

Southern Melbourne $550 1.9% 3.8% 7.8% 3.2% $370 0.0% 2.8% 0.0% 2.3%

Western Melbourne $370 2.8% 2.8% 5.7% 2.3% $320 0.0% 0.0% 0.0% 2.0%

Yarra Ranges Shire Part A $360 0.0% 0.0% 2.9% 3.0% $320 -3.0% -1.5% 3.2% 4.2%

Houses

$380House rents have fallen by -1.3% over the quarter

Units

$370Unit rents have increased by 1.4% over the quarter


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The median rent for Brisbane houses remained unchanged at $400 per week over the June 2014 quarter and is currently 1.3 per cent higher than it was in June 2013. Unit rents on the other hand fell by -1.3 per cent over the three months to June 2014, but are up 2.6 per cent over the year to $390 per week.

For houses, no product type recorded a rise in rental rates over the June 2014 quarter, with three bedroom and four bedroom house rents remaining unchanged and houses with five or more bedrooms recording a slight fall in rents (-0.8 per cent). Over the 2014 calendar year to date, 3 bedroom houses are the only product type to record any movement in rents, up 1.3 per cent.

The performance across the Brisbane unit market was much more varied with one bedroom units showing a 1.4 per cent rise, while two bedroom units (-1.3 per cent) and three bedroom units (-2.4 per cent) both saw rents decline over the quarter.

Over the past year no Brisbane region recorded a fall in rental rates for houses, while Ipswich City, Pine Rivers and Southeast Outer Brisbane all saw rents remain unchanged over the 12 months to June.

Redland City units were the only region to record a fall in unit rents over the year, down -1.7 per cent to $375 per week, while Redcliffe units (3.0 per cent) and Caboolture units (2.7 per cent) recorded the strongest performance across Brisbane.


Houses


rentQtr YTD YOY

5yr avg annual

3 bedroom $385 0.0% 1.3% 2.7% 1.9%

4 bedroom $430 0.0% 0.0% 2.4% 2.2%

5+ bedroom $610 -0.8% 0.0% 2.5% 4.1%

Houses $400 0.0% 0.0% 1.3% 2.1%

Units


rentQtr YTD YOY

5yr avg annual

1 bedroom $355 1.4% 1.4% 1.4% 4.1%

2 bedroom $380 -1.3% 0.0% 2.7% 2.6%

3 bedroom $410 -2.4% -2.4% 0.0% 1.5%

Units $390 -1.3% 0.0% 2.6% 2.5%

Brisbane

Houses Units


RentQtr YTD YOY

5yr avg annually

Weekly Rent


Caboolture $340 3.0% 3.0% 3.0% 1.2% $290 0.0% 0.0% 2.7% 0.7%

Inner Brisbane $550 -1.8% 0.0% 1.9% 5.5% $490 1.0% -1.0% 1.0% 4.1%

Ipswich City $330 0.0% 0.0% 0.0% 1.9% $280 0.0% 0.0% 0.0% 1.5%

Logan City $375 1.4% 1.4% 2.7% 1.4% $295 0.0% 0.0% 0.0% 1.8%

Northwest Inner Brisbane $490 -2.0% -2.0% 4.3% 4.1% $395 -1.3% -1.3% 1.3% 2.4%

Northwest Outer Brisbane $420 0.0% -1.2% 2.4% 2.0% $380 0.0% 0.0% 1.3% 1.7%

Pine Rivers $410 0.0% 0.0% 0.0% 1.5% $340 3.0% 0.0% 0.0% 0.6%

Redcliffe $360 0.0% 2.9% 2.9% 2.7% $340 0.0% 1.5% 3.0% 1.1%

Redland City $440 3.5% 2.3% 2.3% 2.4% $375 0.0% 0.0% -1.7% 1.7%

Southeast Inner Brisbane $480 1.1% 0.0% 4.3% 4.0% $403 -1.8% 0.6% 0.6% 2.8%

Southeast Outer Brisbane $430 0.0% 0.0% 0.0% 2.0% $395 0.0% 1.3% 0.0% 1.9%

Houses


Units

$390Unit rents have fallen by -1.3% over the quarter


6

Adelaide’s median weekly advertised rental rate for both houses and units remained steady over the June 2014 quarter. When compared to the same time last year, house rents are up 1.5 per cent to $345 per week, while unit rents have risen by a slightly stronger 1.7 per cent to $300 per week.

While Adelaide house rents have remained unchanged over the June 2014 quarter, the performance across each individual product type has been much more varied. Both three bedroom houses (3.0 per cent) and houses with five or more bedrooms (5.0 per cent) have seen rents rise over the three months to June 2014.

For units, three bedroom units are the only product type to record a rise in rents over the June 2014 quarter, up 2.9 per cent to $360 per week. One and two bedroom unit rents have remained unchanged at $260 per week and $295 per week respectively.

Over the year to June 2014 Southern Adelaide houses were the only market to see rents fall, down -2.9 per cent over the year. In comparison, the strongest performance over the past year was across the Northern Adelaide region where house rents have increased by 3.3 per cent to $310 per week.

For units no region recorded a fall in rents over the year with Eastern Adelaide and Western Adelaide’s rises in rental rates over the 12 months to June 2014 outperforming when compared to the average annual rise in rents over the past five years.


Houses


rentQtr YTD YOY

5yr avg annual

3 bedroom $340 3.0% 3.0% 3.0% 3.2%

4 bedroom $410 0.0% 0.0% 2.5% 2.6%

5+ bedroom $525 5.0% 1.0% 5.0% 3.1%

Houses $345 0.0% 1.5% 1.5% 2.8%

Units


rentQtr YTD YOY

5yr avg annual

1 bedroom $260 0.0% 2.0% 4.0% 3.4%

2 bedroom $295 0.0% 1.7% 1.7% 2.6%

3 bedroom $360 2.9% 0.0% 2.9% 3.0%

Units $300 0.0% 0.0% 1.7% 2.5%

Adelaide

Houses Units


RentQtr YTD YOY

5yr avg annually

Weekly Rent


Eastern Adelaide $425 -1.2% 1.2% 1.2% 2.5% $335 1.5% -1.5% 3.1% 2.6%

Northern Adelaide $310 0.0% 3.3% 3.3% 2.4% $255 2.0% 4.1% 2.0% 4.0%

Southern Adelaide $340 0.0% 0.0% -2.9% 2.5% $305 0.0% 3.4% 1.7% 2.5%

Western Adelaide $380 1.3% 1.3% 2.7% 3.5% $300 1.7% 1.7% 3.4% 2.9%

Houses


Units

$300Unit rents have remained unchanged over the quarter


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Over the June 2014 quarter, Perth’s median rental rate fell by -1.0 per cent to $475 per week, while for units, advertised rents remained unchanged at $450 per week. When compared to last year, Perth rents have seen a substantial fall, with house rents down -5.0 per cent and unit rents down -5.3 per cent.

Perth houses with five or more bedrooms have recorded the weakest performance over both the June 2014 quarter (-5.0 per cent) and over the 12 months ending June 2014 (-10.9 per cent). While no product type has recorded a rise over the year to June, 3 bedroom houses have been the most resilient, maintaining the same weekly rents that were recorded at the same time last year.

Across each individual unit product type, the performance has also been somewhat lacklustre, off the back of strong rental growth over the past few years. Two bedroom units have recorded the most substantial quarterly falls (-2.2 per cent), while one bedroom units have recorded a rise in rents over the quarter, up 2.8 per cent, but remain -1.3 per cent lower than they were one year ago.

Over the year to June 2014, no Perth market has seen rents rise, however South East Metropolitan units have maintained the same rental rate that was recorded in June 2013. It is important to keep in mind that across all of these regions, the average annual growth in rents over the past five years has been in excess of 4.0 per cent, so the weak conditions currently are likely to be welcomed by Perth renters.


Houses


rentQtr YTD YOY

5yr avg annual

3 bedroom $450 0.0% 0.0% 0.0% 5.2%

4 bedroom $520 -1.9% -1.9% -5.5% 4.9%

5+ bedroom $713 -5.0% -5.0% -10.9% 5.3%

Houses $475 -1.0% -1.0% -5.0% 4.6%

Units


rentQtr YTD YOY

5yr avg annual

1 bedroom $370 2.8% 0.0% -1.3% 4.3%

2 bedroom $440 -2.2% -2.2% -6.4% 4.7%

3 bedroom $490 -1.0% -2.0% -2.0% 4.1%

Units $450 0.0% -1.1% -5.3% 4.6%

Perth

Houses Units


RentQtr YTD YOY

5yr avg annually

Weekly Rent


Central Metropolitan $750 -1.3% -4.8% -6.3% 4.7% $550 0.0% 0.0% -8.3% 4.1%

East Metropolitan $450 -2.2% -2.2% -2.2% 4.6% $400 0.0% 0.0% -0.9% 4.6%

North Metropolitan $480 0.0% 0.0% -4.0% 4.8% $420 -2.3% -2.3% -2.3% 4.3%

South East Metropolitan $460 0.0% 0.0% -3.2% 5.0% $450 0.0% 4.7% 0.0% 5.2%

South West Metropolitan $450 -2.2% -2.2% -4.3% 4.6% $425 -3.4% -3.4% -1.2% 4.6%

Houses


Units



8

Advertised rental rates for Darwin have remained steady over the three months to June 2014 at $650 per week for houses and $550 per week for units. Despite the lack of growth, Darwin continues to record the most expensive rents of any other capital city market. Over the past year, unit rental growth (7.8 per cent) has outpaced detached houses (3.2 per cent), which is reflective of previous performance across the city.

Over the year to June 2014 all detached house product types across Darwin have seen rents rise. The most significant increase has been recorded across houses with five or more bedrooms, where rents are 11.8 per cent higher than they were one year ago. Interestingly, this product type has been the weakest performer over the June 2014 quarter (-4.0 per cent).

One bedroom units were the only unit product type across Darwin to record a rise in rents over the three months to June 2014, up 2.6 per cent over the quarter. They have also been the strongest product type over the year, with rents up 8.3 per cent compared to June 2013.

Palmerston-East Arm was the strongest performing detached housing market over the year to June, with rents up 5.0 per cent to $630 per week. For units, Darwin City, the most populated unit market recorded the strongest growth with rents recorded at $570 per week in June 2014, compared to $540 per week in June 2013.


Houses


rentQtr YTD YOY

5yr avg annual

3 bedroom $600 0.0% 0.0% 3.4% 5.0%

4 bedroom $750 0.0% 0.0% 2.7% 6.0%

5+ bedroom $950 -4.0% 6.7% 11.8% 5.3%

Houses $650 0.0% 0.0% 3.2% 5.4%

Units


rentQtr YTD YOY

5yr avg annual

1 bedroom $390 2.6% 2.6% 8.3% 6.5%

2 bedroom $500 0.0% 0.0% 4.2% 5.6%

3 bedroom $700 0.0% 0.0% 2.9% 4.6%

Units $550 0.0% 0.0% 7.8% 6.6%

Darwin

Houses Units


RentQtr YTD YOY

5yr avg annually

Weekly Rent


Darwin City $680 -2.9% -1.4% 3.0% 6.3% $570 -3.4% -1.7% 5.6% 6.3%

Litchfield $650 8.3% 0.0% 0.0% 5.4% n.a. n.a. n.a. n.a. n.a.

Palmerston-East Arm $630 0.0% 0.0% 5.0% 5.6% $470 3.1% -4.1% 4.4% 6.1%

Houses


Units



9

As of June 2014 Canberra’s advertised rent for a house was recorded at $490 per week, having remained unchanged over the quarter and -3.9 per cent lower than it was in June 2013. A typical Canberra unit rents for $395 per week, which is down -2.5 per cent over the quarter and down -6.5 per cent over the 12 months to June 2014.

Across Canberra’s individual property types, each has recorded a fall in rents over the year. The most significant falls were seen for houses with five or more bedrooms and two bedroom units where rents declined by -8.3 per cent over the year to $665 per week and $385 per week respectively.

The overall weakness in Canberra’s rental market can further be demonstrated when each individual regions rental market is examined separately. Over the year to June 2014 no region recorded a rise in rental rates, however over the June 2014 quarter the performance of each of these markets was more varied so it will be interesting to monitor this as the rest of 2014 progresses. Gungahlin (4.0 per cent), North Canberra (2.0 per cent) and Woden Valley (1.9 per cent) houses all recorded a rise over the quarter, while for units no market saw rents rise over the three months to June 2014.


Houses


rentQtr YTD YOY

5yr avg annual

3 bedroom $450 0.0% -2.2% -4.3% 1.5%

4 bedroom $550 0.0% -3.5% -5.2% 2.8%

5+ bedroom $665 -4.3% -11.3% -8.3% 0.3%

Houses $490 0.0% -2.0% -3.9% 1.7%

Units


rentQtr YTD YOY

5yr avg annual

1 bedroom $360 -2.7% -4.0% -7.7% 0.0%

2 bedroom $385 -3.8% -6.1% -8.3% 0.8%

3 bedroom $420 -4.5% -4.5% -5.6% 1.8%

Units $395 -2.5% -3.7% -6.5% 0.8%

Canberra

Houses Units


RentQtr YTD YOY

5yr avg annually

Weekly Rent


Belconnen $440 -2.2% -2.2% -4.3% 1.9% $380 -5.0% -2.6% -5.0% 0.5%

Gungahlin-Hall $520 4.0% -1.9% -3.7% 1.6% $393 -1.9% -1.9% -4.3% 1.2%

North Canberra $510 2.0% -1.4% -3.8% 2.1% $400 -4.8% -4.8% -9.1% -1.2%

South Canberra $650 0.0% -5.8% -1.5% 2.0% $450 0.0% 0.0% -4.3% 0.5%

Tuggeranong $460 -2.1% -4.2% -5.2% 0.4% $395 -0.6% -1.3% -6.0% 1.3%

Weston Creek-Stromlo $468 -4.6% -2.6% -4.6% 1.2% $375 -6.3% -6.3% -8.5% n.a.

Woden Valley $530 1.9% 1.9% -3.6% 2.9% $363 -3.3% -4.6% -6.5% 0.7%

Houses


Units

$395Unit rents have allen by -2.5% over the quarter


10

Over the June 2014 quarter, Hobart’s advertised rental rate for houses fell by -1.5 per cent to $325 per week, while unit rents have remained unchanged at $280 per week. On the other hand, when compared to the same time last year house rents have shown no change, while unit rents have risen by 1.8 per cent.

Across each individual product type performance has been varied. The weakest market over the year to June 2014 was houses with five or more bedrooms where advertised rents are -14.3 per cent lower than they were one year ago at $450 per week. Three bedroom houses have seen the rental market remain more resilient with rents up 1.6 per cent.

For units, rental rates rose by 4.9 per cent over the year for three bedroom houses, 3.8 per cent for two bedroom houses and 1.5 per cent for one bedroom houses, however over the June 2014 quarter both one bedroom and three bedroom units recorded a fall in weekly rental rates, while two bedroom unit rents remained unchanged at $275 per week.

Outside of the capital city region no regions have recorded a fall in rental rates over the year for either houses or units, however many regions have seen rents remain steady over the year. The Lyell region for houses has recorded the strongest performance with rents up 7.1 per cent over the year to $150 per week. Given the average annual growth over the past five years (2.9 per cent) it is unlikely that this strong growth will be ongoing.


Houses


rentQtr YTD YOY

5yr avg annual

3 bedroom $320 -1.5% 0.0% 1.6% 1.3%

4 bedroom $420 5.0% 6.3% 0.0% 1.4%

5+ bedroom $450 -9.1% -7.7% -14.3% 1.1%

Houses $325 -1.5% -1.5% 0.0% 0.9%

Units


rentQtr YTD YOY

5yr avg annual

1 bedroom $200 -4.8% 5.3% 1.5% 2.1%

2 bedroom $275 0.0% 5.8% 3.8% 1.1%

3 bedroom $350 -2.8% 0.0% 4.9% 1.2%

Units $280 0.0% 3.7% 1.8% 1.5%

Hobart/Tasmania

Houses Units


RentQtr YTD YOY

5yr avg annually

Weekly Rent


Greater Hobart $325 -1.5% -1.5% 0.0% 0.9% $280 0.0% 3.7% 1.8% 1.5%

Burnie-Devonport $260 4.0% 4.0% 4.0% 1.6% $220 4.8% 4.8% 4.8% 2.7%

Lyell $150 0.0% 0.0% 7.1% 2.9% n.a. n.a. n.a. n.a. n.a.

North Western Rural $245 -2.0% 7.7% 6.5% 1.7% n.a. n.a. n.a. n.a. n.a.

Central North $230 -4.2% 4.5% 0.0% 1.8% n.a. n.a. n.a. n.a. n.a.

Greater Launceston $280 0.0% 0.0% 0.0% 1.1% $230 2.2% -2.1% 2.2% 2.3%

North Eastern $220 -4.3% -4.3% 0.0% 1.9% $190 -5.0% -9.5% n.a. 1.1%

Southern $250 -3.8% 0.0% 0.0% 1.7% $250 0.0% 8.7% 0.0% n.a.

Houses


Units



11

Regional New South Wales

Regional Queensland

Houses Units

BEST PERFORMING WEAKEST PERFORMING BEST PERFORMING WEAKEST PERFORMING

+5%Illawarra rents increased by 5.0% over the quarter to $420/week

-3.1%North Western rents fell by -3.1% over the quarter to $310/week

+6.9%Mid-North Coast rents increased by 6.9% over the quarter to $310/week

0.0%Central West, Murray & Richmond-Tweed rents all remained unchanged


RentQtr YTD YOY

5yr avg annually

Weekly Rent


Central West $300 0.0% 0.0% -6.3% 7.4% $250 0.0% 0.0% -3.8% 4.6%

Far West $230 -2.1% 0.0% 0.0% 5.0% n.a. n.a. n.a. n.a. n.a.

Hunter $375 1.4% 1.4% -1.3% 4.6% $340 2.7% 0.0% 0.0% 4.7%

Illawarra $420 5.0% 10.5% 10.5% 7.0% $360 2.9% 2.9% 5.9% 5.2%

Mid-North Coast $360 2.9% 2.9% 4.3% 4.1% $310 6.9% 6.9% 8.8% 5.3%

Murray $280 0.0% 1.8% 3.7% 3.6% $220 0.0% -2.2% 1.1% 5.3%

Murrumbidgee $300 0.0% -1.6% 3.4% 3.7% $250 3.1% 4.2% 6.4% 3.5%

North Western $310 -3.1% -4.6% -6.1% 6.4% $270 3.8% 8.0% -1.8% 8.4%

Northern $310 0.0% 3.3% 3.3% 5.3% $260 3.0% 0.0% 8.3% 6.5%

Richmond-Tweed $390 2.6% 2.6% 2.6% 0.8% $340 0.0% 3.0% 3.0% 1.2%

South Eastern $350 2.9% -5.4% 7.7% 7.0% $295 5.4% 5.4% 1.7% 3.4%

Houses Units


+3.2%Gold Coast rents increased by 3.2% over the quarter to $490/week

-5.4%Fitzroy rents fell by -5.4% over the quarter to $350/week

+2.8%Gold Coast rents increased by 2.8% over the quarter to $370/week

-11.4%Fitzroy rents fell by -11.4% over the quarter to $310/week


RentQtr YTD YOY

5yr avg annually

Weekly Rent


Central West $260 -3.7% -3.7% -10.3% 8.2% n.a. n.a. n.a. n.a. n.a.

Darling Downs $320 0.0% 0.0% 6.7% 4.2% $290 1.8% 5.5% 7.4% 4.7%

Far North $380 0.0% 2.7% 5.6% 2.9% $275 -1.8% 1.9% 5.8% 1.1%

Fitzroy $350 -5.4% -10.3% -18.6% 1.2% $310 -11.4% -13.9% -22.5% -1.8%

Gold Coast $490 3.2% 6.5% 6.5% 2.6% $370 2.8% 2.8% 4.2% 1.1%

Mackay $390 -2.5% -7.1% -17.0% -1.9% $330 -2.9% -5.7% -10.8% -0.6%

North West $500 0.0% -2.0% -8.3% 8.7% $340 -5.6% -17.1% -28.8% n.a.

Northern $360 -2.7% -5.3% -4.0% 0.6% $312 -5.5% -10.9% -8.2% -0.5%

South West $380 -3.8% 8.6% -11.6% 7.9% n.a. n.a. n.a. n.a. n.a.

Sunshine Coast $450 1.1% 2.3% 5.9% 2.9% $360 1.4% 2.9% 5.9% 2.1%

West Moreton $300 0.0% -1.6% 0.0% 0.0% $250 0.0% 0.0% 8.7% n.a.

Wide Bay-Burnett $295 1.7% 1.7% 1.7% 3.0% $275 0.9% 3.8% 1.9% 2.5%


12

Regional Victoria

Regional Western Australia

Houses Units


+1.8%Ovens-Murray rents increased by 1.8% over the quarter to $290/week

-4.5%Wimmera rents fell by -4.5% over the quarter to $210/week

+4.5%Goulburn rents increased by 4.5% over the quarter to $230/week

-2.5%Mallee rents fell by -2.5% over the quarter to $195/week


RentQtr YTD YOY

5yr avg annually

Weekly Rent


Barwon $325 -1.5% 0.0% 1.6% 3.4% $280 -1.8% 0.0% 0.0% 4.0%

Central Highlands $280 0.0% 0.0% 0.0% 3.1% $230 0.0% -2.1% -4.2% 4.5%

East Gippsland $270 0.0% 3.8% 3.8% 3.3% $220 0.0% 4.8% 4.8% 4.7%

Gippsland $250 0.0% -3.8% 0.0% 3.1% $225 2.3% 2.3% 2.3% 6.1%

Goulburn $270 0.0% 3.8% 3.8% 4.2% $230 4.5% 7.0% 9.5% 4.5%

Loddon $300 0.0% 0.0% 0.0% 4.6% $250 0.0% -3.8% 0.0% 5.6%

Mallee $260 0.0% 0.0% 4.0% 3.4% $195 -2.5% 2.6% -2.5% 4.0%

Ovens-Murray $290 1.8% 3.6% 3.6% 3.9% $220 0.0% 4.8% 4.8% 4.1%

Western District $260 0.0% 0.0% 0.0% 2.5% $238 -1.0% 3.3% 5.6% 5.1%

Wimmera $210 -4.5% -10.6% 5.0% 4.3% $225 2.3% 5.9% 12.5% 11.6%

Houses Units


+3.1%Lower Great Southern rents increased by 3.1% over the quarter to $330/week

-8.3%Pilbara rents fell by -8.3% over the quarter to $1,100/week

+0.9%Lower Great Southern rents increased by 0.9% over the quarter to $270/week

-7.1%Central rents fell by -7.1% over the quarter to $260/week


RentQtr YTD YOY

5yr avg annually

Weekly Rent


Central $360 -5.9% -7.7% 0.0% 2.4% $260 -7.1% -7.1% 0.0% 2.5%

Kimberley $650 -7.1% -7.1% -13.3% 5.4% $475 -3.1% -5.0% -13.6% 2.5%

Lower Great Southern $330 3.1% 6.5% 13.8% 3.3% $270 0.9% 8.0% 5.9% 0.2%

Midlands $335 -1.5% -6.9% 1.5% 6.0% n.a. n.a. n.a. n.a. n.a.

Pilbara $1,100 -8.3% -15.4% -26.7% -1.3% $750 -6.3% -23.1% -40.0% n.a.

South Eastern $330 -5.7% -5.7% -15.4% 4.1% $300 -3.2% -9.1% -18.9% 0.3%

South West $380 0.0% 2.7% 2.7% 4.8% $350 0.0% 2.9% 2.9% 3.8%

Upper Great Southern $260 0.0% 4.0% 13.0% 0.8% n.a. n.a. n.a. n.a. n.a.


13

Regional South Australia

Regional Tasmania

Regional Northern Territory

Houses Units


+3.6%Eyre rents increased by +3.6% over the quarter to $290/week

-4.8%Outer Adelaide rents fell by -4.8% over the quarter to $295/week

+12.6%Eyre rents increased by 12.6% over the quarter to $245/week

-3.8%Outer Adelaide rents fell by -3.8% over the quarter to $250/week


RentQtr YTD YOY

5yr avg annually

Weekly Rent


Eyre $290 3.6% 3.6% 2.7% 3.0% $245 12.6% 6.5% 11.4% 4.4%

Murray Lands $235 0.0% -2.1% 0.0% 2.3% $190 -2.6% -2.6% 0.0% 4.5%

Northern $270 0.0% 1.9% -3.6% 1.6% $200 0.0% 0.0% 0.0% 4.6%

Outer Adelaide $295 -4.8% -1.7% -1.7% 3.4% $250 -3.8% 0.0% 0.0% 2.4%

South East $240 0.0% 0.0% 4.3% 3.7% $185 0.0% 0.0% 2.8% 3.6%

Yorke and Lower North $240 -2.0% -0.8% -2.0% 1.3% n.a. n.a. n.a. n.a. n.a.

Houses Units


+2.0%Mersey-Lyell rents increased by 2.0% over the quarter to $250/week

-3.8%Southern rents fell by -3.8% over the quarter to $250/week

+4.8%Mersey-Lyell rents increased by 4.8% over the quarter to $220/week

0.0%Southern rents remained unchanged over the quarter


RentQtr YTD YOY

5yr avg annually

Weekly Rent


Mersey-Lyell $250 2.0% 4.2% 4.2% 1.7% $220 4.8% 10.0% 4.8% 3.5%

Northern $265 -1.9% -1.9% 1.9% 1.2% $228 1.1% -1.1% 1.1% 2.6%

Southern $250 -3.8% 0.0% 0.0% 1.7% $250 0.0% 8.7% 0.0% n.a.

Houses Units


RentQtr YTD YOY

5yr avg annually

Weekly Rent


Northern Territory - Bal $520 2.0% 4.0% 6.1% 6.5% $380 0.0% 0.0% 0.0% 4.8%


14

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15

Methodology

The rental statistics presented in this report are calculated based on an analysis of advertised rental rates. RP Data monitors close to one hundred per cent of all rental advertisements across Australia via online portals as well as metro and regional classified advertisements.

Median weekly rental rates are calculated based on the median of all asking rents across a particular region and time period. A ‘median’ is simply the middle observation of those advertised rents.

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RP Data Quarterly Rental Review - CoreLogic...All other cities recorded a rise in rental rates, with...

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