The information comes from a report based on property data from Q2 (April to June 2017), and shows relative stability across the country’s rent prices despite slight changes in all capitals.
The quarterly changes to median rent were:
|Capital city (metro area only)||Q1 median rent (overall)($/week)||Q2 median rent (overall)($/week)||% change to median rent (overall)|
As shown, despite fluctuation of rent prices in individual markets, national rent prices as a whole remained stable this quarter.
Sydney was the only city to see no change to its median rent prices, but remained the most expensive city to rent in overall, with its nearest competitor (Canberra) being nearly a full $100/week cheaper than Sydney.
Does it make more sense to rent or buy your home…? Kochie and Nat had a BIG disagreement on that very question this morning! ? pic.twitter.com/RgJF7p2Qyv
— Sunrise (@sunriseon7) June 7, 2017
Which cities have the fastest-selling properties?
The report also gave insight into property turnover rates for sales in the different capital cities.
Results were slightly more positive overall, with 5 of the 8 capitals seeing increases to their turnover rates for both apartments and houses.
|Q1 turnover rate (no. of days)||Q2 turnover rate (no. of days)||% change||Q1 turnover rate (no. of days)||Q2 turnover rate (no. of days)||% change|
The most significant changes were seen in Brisbane and Perth, which saw their turnover rates for apartments slow by 15.07% and 16.02% respectively.
How are capital city property values doing?
Comparing the quarterly changes in median rent prices against the changes to dwelling values over the same period reveals some incongruity, displaying that rent prices and property prices aren’t tied particularly closely.
According to CoreLogic data, only Melbourne, Adelaide, and Darwin had changes to their median dwelling prices that mimicked the changes to their median rent prices (e.g. both went up or both went down).
The other 5 capital cities saw rents increase while dwelling values decreased, or vice versa.
|Q2 change to dwelling values||Median dwelling price|
Additionally, while the country saw an overall bump of 0.8% to its national average dwelling values, there was no overall change to the national average for rent prices.