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Rental markets see ‘sluggish’ September

By Emma Ryan 15 October 2019 | 1 minute read

Rental markets continue to remain sluggish, with national rents down for the third consecutive month.

According to CoreLogic's September 2019 Quarterly Rental Review, national rents are down -0.1 per cent over the month of September, posting a median rental value of $436 per week.

Rental rates across the combined capital cities came in -0.2 per cent lower over the month with a weekly median rental value of $464 per week, the CoreLogic research noted. By comparison, the combined regional markets is seeing median rental values of $381 per week, with rents across regional areas having risen by 0.1 per cent over the month of September 2019.

“The broad-based weakness in rental conditions can probably be attributed to a rise in rental supply following the surge in investment and residential construction activity through the previous housing boom which has contributed to rental supply. Additionally, as first home buyer numbers have surged, this has likely contributed to a reduction in demand as renters convert to buyer,” according to CoreLogic’s head of research, Tim Lawless.

“Markets where rents are rising the fastest have generally seen less of a supply response, creating tight rental conditions and pushing rents higher.”

Capital city breakdown

Adelaide

Increase in rents by 0.1 per cent

Sydney

Decrease in rents by -0.3 per cent

Melbourne

Decrease in rents by -0.1 per cent

PerthPerth, TAS Perth, WA

Decrease in rents by -0.1 per cent

Hobart

Decrease in rents by -0.2 per cent

Darwin

Decrease in rents by -0.2 per cent

Canberra

Decrease in rents by -0.3 per cent

Brisbane

Unchanged

RELATED TERMS

Capital

Capital refers to the financial resources that are available to be used for income generation.

About the author

Emma Ryan

Emma Ryan is the deputy head of content at Momentum Media.

Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.

Email Emma on: [email protected]Read more

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top suburbs

12 MONTH GROWTH

array(10) { [0]=> object(stdClass)#23565 (4) { ["postcode"]=> string(4) "2548" ["suburb"]=> string(7) "Mirador" ["median_twelve_month_growth_percent"]=> string(15) "103.33333333333" ["link"]=> string(22) "/data/nsw/2548/mirador" } [1]=> object(stdClass)#23562 (4) { ["postcode"]=> string(4) "2539" ["suburb"]=> string(12) "Bawley Point" ["median_twelve_month_growth_percent"]=> string(6) "98.125" ["link"]=> string(27) "/data/nsw/2539/bawley point" } [2]=> object(stdClass)#23564 (4) { ["postcode"]=> string(4) "2659" ["suburb"]=> string(11) "Walla Walla" ["median_twelve_month_growth_percent"]=> string(15) "90.700249100471" ["link"]=> string(26) "/data/nsw/2659/walla walla" } [3]=> object(stdClass)#23566 (4) { ["postcode"]=> string(4) "2481" ["suburb"]=> string(9) "Byron Bay" ["median_twelve_month_growth_percent"]=> string(15) "86.666666666667" ["link"]=> string(24) "/data/nsw/2481/byron bay" } [4]=> object(stdClass)#23560 (4) { ["postcode"]=> string(4) "2533" ["suburb"]=> string(13) "Kiama Heights" ["median_twelve_month_growth_percent"]=> string(15) "85.929648241206" ["link"]=> string(28) "/data/nsw/2533/kiama heights" } [5]=> object(stdClass)#23548 (4) { ["postcode"]=> string(4) "2334" ["suburb"]=> string(5) "Greta" ["median_twelve_month_growth_percent"]=> string(15) "84.136842105263" ["link"]=> string(20) "/data/nsw/2334/greta" } [6]=> object(stdClass)#23546 (4) { ["postcode"]=> string(4) "2325" ["suburb"]=> string(7) "Nulkaba" ["median_twelve_month_growth_percent"]=> string(2) "81" ["link"]=> string(22) "/data/nsw/2325/nulkaba" } [7]=> object(stdClass)#23553 (4) { ["postcode"]=> string(4) "7004" ["suburb"]=> string(12) "South Hobart" ["median_twelve_month_growth_percent"]=> string(15) "78.776648099373" ["link"]=> string(27) "/data/tas/7004/south hobart" } [8]=> object(stdClass)#23556 (4) { ["postcode"]=> string(4) "4559" ["suburb"]=> string(11) "Diddillibah" ["median_twelve_month_growth_percent"]=> string(5) "76.25" ["link"]=> string(26) "/data/qld/4559/diddillibah" } [9]=> object(stdClass)#23545 (4) { ["postcode"]=> string(4) "2478" ["suburb"]=> string(11) "Lennox Head" ["median_twelve_month_growth_percent"]=> string(15) "73.979591836735" ["link"]=> string(26) "/data/nsw/2478/lennox head" } }

Mirador

103.33%
Bawley Point

98.13%
Walla Walla

90.7%
Byron Bay

86.67%
Kiama Heights

85.93%
Greta

84.14%
Nulkaba

81%
South Hobart

78.78%
Diddillibah

76.25%
Lennox Head

73.98%

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Rental markets see ‘sluggish’ September