Victorian landlords face 31 days on market searching for tenant: rent.com.au

Rents increased across Australia in May, according to research by rent.com.au.

Its latest report shows rents rose in most states, although NSW, ACT and NT rents remained steady, according to national services manager, David Berridge.

While median rents increased 5% to $419 per week in Queensland, properties leased 8% slower, taking an average of 28 days to find tenants.

“Queensland investors would finally be encouraged with the first significant gain in rents for the state since November 2012,” Berridge says.

While the data shows days on market increased 9% to 25 days in Western Australia, it is still the fastest letting period in the country. It positions WA as the most expensive state in which to rent, followed closely by the Northern Territory.

“The effects of the softening economy in Western Australia are yet to be seen in the rents being paid, with a 3% rise in the average median rent to $553 per week,” Berridge says.

Northern Territory rents stayed steady in May with a weekly median rent of $551, with days on market stretching out to 28 days - an 8% increase.

Victoria reversed its trend, regaining the 3% lost in April, so that renters are paying an average median rent of $383 per week in May. Average days on the market increased by 7% to 31 days.

Tasmanian rents lifted again in May with a 6% increase to $295 per week, with turnover slowing by 15% to 38 days.

New South Wales and the ACT both saw rents remain steady with median weekly rents of $480 and $471 respectively. Days to lease properties in the ACT increased by 13% to 35 days. NSW’s days on market increased slightly to 26 days.

South Australia’s investors also gained in May, with the weekly median rent rising 4% to $338 per week. Turnover slowed again by 11% to 31 days.

The local rent.com.au Rent Suburb Reports for the capital cities showed Darwin having the biggest rise of the capitals with its median rent increasing 7% to $600 per week, although this is still off from the December quarter high of $640.

Perth’s weekly median rent of $650 also sees it gain $25 per week from the December quarter median rent of $625 per week. Sydney at $720 per week has also shown a small rise of 3% in median rent since the December quarter.

All states saw days on market increase, ranging from 4% to 15%.