Rental market report, December quarter 2024
Rents on new leases rose in every state with figures in the year to the December quarter 2024. South Australia rose the most (8.7%) and Tasmania the least (2.2%).
The states at a glance
All homes, December quarter 2024
| State | Median weekly rent | 1 year | New leases | Leases, 1 year |
|---|---|---|---|---|
| New South Wales | $670 | +6.4% | 75,205 | +4.7% |
| Queensland | $580 | +5.5% | 54,470 | +0.6% |
| South Australia | $520 | +8.7% | 12,940 | +3.1% |
| Tasmania | $460 | +2.2% | 3,511 | −2.4% |
Victoria, Western Australia, the ACT and the Northern Territory are missing. They don't publish current bond figures.
New South Wales
Figures published by NSW Department of Communities and Justice
New tenants in New South Wales paid a median of $670 a week in the December quarter 2024, up 6.3% on a year earlier.
That's unchanged from the quarter before.
75,205 new leases were signed, 4.7% more than a year earlier.
A 2-bedroom unit went for a median of $700 (up 6.9%) and a 3-bedroom house for $630 (up 8.6%).
Biggest rises over the year
| Place | Median | 1 year | New leases |
|---|---|---|---|
| Merewether (2291) | $750 | +21.0% | 142 |
| Beacon Hill and Allambie Heights (2100) | $863 | +18.2% | 102 |
| Belmont and Belmont North (2280) | $650 | +18.2% | 142 |
| Cabramatta and Canley Heights (2166) | $530 | +17.8% | 280 |
| Beverly Hills and Narwee (2209) | $680 | +17.2% | 103 |
Biggest falls over the year
| Place | Median | 1 year | New leases |
|---|---|---|---|
| Rose Bay (2029) | $905 | −13.8% | 130 |
| Ultimo (2007) | $539 | −13.1% | 455 |
| Lindfield and East Lindfield (2070) | $805 | −12.5% | 122 |
| Bexley and Bexley North (2207) | $628 | −10.3% | 180 |
| Paddington and Centennial Park (2021) | $800 | −9.6% | 329 |
Queensland
Figures published by Residential Tenancies Authority (Queensland)
New tenants in Queensland paid a median of $580 a week in the December quarter 2024, up 5.5% on a year earlier.
It rose 2.7% on the quarter before. This time of year usually runs 1.0% above the trend, so the change over the year is the fairer one to go by.
About the same number of new leases were signed as a year earlier (54,470).
A 2-bedroom unit went for a median of $580 (up 5.5%) and a 3-bedroom house for $570 (up 5.6%).
Biggest rises over the year
| Place | Median | 1 year | New leases |
|---|---|---|---|
| Maryborough | $420 | +20.0% | 120 |
| Warwick | $460 | +19.5% | 106 |
| Richlands | $650 | +18.2% | 190 |
| Eight Mile Plains | $625 | +17.9% | 151 |
| Labrador | $650 | +16.1% | 375 |
Biggest falls over the year
| Place | Median | 1 year | New leases |
|---|---|---|---|
| Parkwood | $380 | −32.1% | 123 |
| Brisbane City | $450 | −11.6% | 1,217 |
| Acacia Ridge | $430 | −8.5% | 112 |
| South Brisbane | $570 | −6.6% | 996 |
| Bulimba | $725 | −6.5% | 108 |
South Australia
Figures published by South Australian Housing Trust
New tenants in South Australia paid a median of $520 a week in the December quarter 2024, up 8.7% on a year earlier.
It rose 4.0% on the quarter before.
12,940 new leases were signed, 3.1% more than a year earlier.
A 2-bedroom unit went for a median of $460 (up 9.5%) and a 3-bedroom house for $550 (up 10.0%).
Biggest rises over the year
| Place | Median | 1 year | New leases |
|---|---|---|---|
| Murray Bridge | $440 | +15.0% | 215 |
| Andrews Farm | $525 | +14.1% | 115 |
| Davoren Park | $450 | +12.5% | 120 |
| Munno Para West | $550 | +12.2% | 145 |
| Blakeview | $550 | +10.0% | 105 |
Biggest falls over the year
| Place | Median | 1 year | New leases |
|---|---|---|---|
| Prospect | $500 | −3.9% | 170 |
Tasmania
Figures calculated from bond records published by Department of Justice (Tasmania)
New tenants in Tasmania paid a median of $460 a week in the December quarter 2024, up 2.2% on a year earlier.
That's unchanged from the quarter before.
3,511 new leases were signed, 2.4% fewer than a year earlier. That suggests fewer renters moved.
A 2-bedroom unit went for a median of $435 (up 4.2%) and a 3-bedroom house for $500 (up 4.2%).
Biggest rises over the year
| Place | Median | 1 year | New leases |
|---|---|---|---|
| Park Grove and nearby (7320) | $395 | +12.1% | 119 |
| Devonport and East Devonport (7310) | $422.50 | +11.2% | 148 |
| South Hobart and Battery Point (7004) | $550 | +10.5% | 114 |
| Howrah and Bellerive (7018) | $530 | +7.1% | 169 |
| South Launceston and Kings Meadows (7249) | $480 | +6.7% | 130 |
Biggest falls over the year
| Place | Median | 1 year | New leases |
|---|---|---|---|
| West Hobart and Hobart (7000) | $440 | −10.2% | 324 |
About this report
This report writes itself from the figures on this site. They're medians of new leases as each state published them, except Tasmania, where we work them out from the bond records. Rises and falls only count postcodes and suburbs with 100 or more new leases in the quarter. We leave out any figure our quality checks flagged for review (a move of more than 40% in a year). States sometimes revise past figures. This report uses the figures as we held them when it was built. For the details, see the methodology and the sources.