Investors saw big returns in May

The May rent report analysis from rent.com.au showed rents increased in all states except NSW, the ACT and the Northern Territory, where rents remained steady, according to rent.com.au’s national services manager, David Berridge.

Median rent increased by five per cent to $419 per week in Queensland, while properties leased eight per cent more slowly, 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,” Mr Berridge said.

The data also shows days on market increased by nine per cent to 25 days in Western Australia, 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 said.

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, however, 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 their 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 the December quarter high of $640.

Perth’s weekly median rent of $650 follows a $25 rise from the December quarter median rent of $625 per week. Sydney, at $720 per week, also follows a three per cent rise on the December figure.

All states saw days on market increase, with rises ranging from four to 15 per cent.