Rents increased across most states in May, which meant landlords were the clear winners according to new research.
The May rent report analysis from rent.com.au showed rents increased in all states except NSW, ACT and NT, where rents remained steady according to rent.com.au’s national services manager, David Berridge.
Median rent increased five per cent to $419 per week in Queensland. Properties leased eight per cent slower, taking an average of 28 days.
“Queensland investors would finally be encouraged with the first significant gain in rents for the state since November 2012,” he said.
While the data shows days on market increased nine per cent to 25 days in Western Australia, this is still the fastest in the country. This 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 three per cent rise in the average median rent to $553 per week,” Mr Berridge explained.
Northern Territory rents stayed steady in May with a weekly median rent of $551, with days on market stretching out to 28 days, an eight per cent increase.
Victoria reversed its trend, regaining the three per cent lost in April, to see renters paying an average median rent of $383 per week in May. Average days on market increased by seven per cent to 31 days.
Tasmanian rents lifted again in May with a six per cent increase to $295 per week, with turnover slowing by 15 per cent 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 per cent to 35 days. NSW days on market increased slightly to 26 days.
South Australia’s investors also gained in May, with that state’s weekly median rent rising four per cent to $338 per week. Turnover slowed again by 11 per cent to 31 days.
The local rent.com.au Rent Suburb Reports for the capital cities showed Darwin having the biggest rise for the capitals with its median rent increasing seven per cent to $600 per week, though this is still off from the December quarter high of $640.
Perth’s weekly median rent of $650 has also seen 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 three per cent in median rent since the December quarter.
All states saw days on market increase, ranging from four to 15 per cent.