Rentals: Prices coming off the boil?

Recent interest rate cuts could see a reprieve for some of Australia's 1.9 million renters as property owners keep their rental fees on hold.

There is speculation that rents in some states may be stabilising however with demand for rental properties remaining high and vacancy rates as tight as ever, prices could rise again in the future.

Here is a snapshot of median weekly rents and vacancy rates from the Real Estate Institute of Australia/Mortgage Choice RealEstate MarketFacts Report for the June quarter 2008:

Capital city Three bedroom house ? quarterly median $/week Quarterly % change Two bedroom Other dwellings (units, apartments) Quarterly % change
Sydney 330 3.1 380 5.6
Melbourne Not supplied Not supplied Not supplied Not supplied
Brisbane 325 1.6 320 6.7
Adelaide 270 0 230 4.5
Perth 350 4.5 320 3.2
Hobart 290 -1.7 250 2.0
Darwin 510 4.1 380 1.3
Canberra 380 -1.3 380 1.3

Vacancy rates

Sydney 1.1
Melbourne 1.0
Brisbane 2.2
Hobart 2.4
Darwin 0.3
Canberra 2.0


Comment By Anthony Hans at 11/11/2008
 The NSW state government needs to fast track the delivery of recent legislative changes to allow more "complying development" across the state. That will cut costs and speed up local authority approvals.
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