Sydney house rents up $55 per week in six months, but Brisbane rents down: Residex

Renters of houses in Sydney are paying an average of $55 more a week than they were six months ago, with median house rents rising from $500 to $555 in the space of six months, according to the latest Residex data.

Sydney recorded a 6.73% increase in median house rents over the course of 2011, the biggest increase of all the capital cities.

Brisbane was the only capital city market to record a decline in house rents over 2011 with renters paying $375 per week on average (an decrease of 2.6% over 2011) compared to $380 six months ago.

Perth recorded the second biggest capital city increase, with house rents rising 5.26% over the past 12 months to a median of $400. On average Perth renters are paying $10 more than they did a year ago.

Area

Rate month ending Dec 2011

Month ending Dec 2011

Year change

ACT

4.78%

$480

3.23%

Adelaide

4.33%

$330

0.00%

SA Country

5.02%

$255

6.25%

Brisbane

4.59%

$375

-2.60%

QLD Country

5.25%

$370

2.78%

Darwin

5.82%

$540

3.85%

Northern Territory

5.95%

$525

0.96%

Hobart

4.55%

$340

0.00%

TAS Country

4.84%

$250

-3.85%

Melbourne

3.45%

$380

1.33%

VIC Country

4.78%

$305

1.67%

Perth

4.45%

$400

5.26%

WA Country

5.00%

$335

4.69%

Sydney

4.40%

$555

6.73%

NSW Country

5.29%

$340

3.03%

Australia

4.43%

$365

-1.35%

 

Darwin remains the second most expensive city to rent a house, with rents increasing by 3.85% to $540 per week.

Outside of Brisbane, Country Tasmania was the only other market to register a decline in rents over the year with the median rent falling 3.85% to $250 per week.

Capital city rent changes over past six months:

 

Median weekly rent Dec 2011

Median weekly rent June 2011

Sydney

$555

$500

Darwin

$540

$520

Canberra

$480

$480

Perth

$400

$390

Melbourne

$380

$380

Brisbane

$375

$380

Hobart

$340

$350

Adelaide

$330

$320

Australia

$365

$370

Source: Residex



Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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