Rental market report, September quarter 2024
Rents on new leases rose in every state with figures in the year to the September quarter 2024. South Australia rose the most (11.1%) and Tasmania the least (3.4%).
The states at a glance
All homes, September quarter 2024
| State | Median weekly rent | 1 year | New leases | Leases, 1 year |
|---|---|---|---|---|
| New South Wales | $670 | +7.2% | 84,580 | +2.1% |
| Queensland | $565 | +6.6% | 57,906 | −0.1% |
| South Australia | $500 | +11.1% | 14,750 | +9.7% |
| Tasmania | $460 | +3.4% | 3,622 | −6.6% |
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 September quarter 2024, up 7.2% on a year earlier.
It rose 3.1% on the quarter before.
84,580 new leases were signed, 2.1% more than a year earlier.
A 2-bedroom unit went for a median of $720 (up 6.7%) and a 3-bedroom house for $620 (up 8.8%).
Biggest rises over the year
| Place | Median | 1 year | New leases |
|---|---|---|---|
| Swansea and Caves Beach (2281) | $680 | +23.6% | 110 |
| Green Valley and Hinchinbrook (2168) | $605 | +21.0% | 160 |
| Telopea and Dundas Valley (2117) | $750 | +20.0% | 145 |
| Beverly Hills and Narwee (2209) | $740 | +19.4% | 108 |
| Terrigal and Wamberal (2260) | $778 | +16.1% | 194 |
Biggest falls over the year
| Place | Median | 1 year | New leases |
|---|---|---|---|
| St Ives (2075) | $850 | −14.4% | 100 |
| Byron Bay and Suffolk Park (2481) | $850 | −4.5% | 178 |
| Belmore (2192) | $550 | −4.0% | 149 |
| Hamilton and Hamilton South (2303) | $583 | −3.6% | 128 |
| North Parramatta and North Rocks (2151) | $580 | −3.3% | 255 |
Queensland
Figures published by Residential Tenancies Authority (Queensland)
New tenants in Queensland paid a median of $565 a week in the September quarter 2024, up 6.6% on a year earlier.
It fell 2.6% on the quarter before.
About the same number of new leases were signed as a year earlier (57,906).
A 2-bedroom unit went for a median of $580 (up 5.5%) and a 3-bedroom house for $560 (up 7.7%).
Biggest rises over the year
| Place | Median | 1 year | New leases |
|---|---|---|---|
| Woodridge | $470 | +23.7% | 172 |
| Benowa | $900 | +20.0% | 119 |
| Camp Hill | $750 | +20.0% | 115 |
| Emerald | $480 | +20.0% | 132 |
| Mount Gravatt East | $600 | +17.7% | 138 |
Biggest falls over the year
| Place | Median | 1 year | New leases |
|---|---|---|---|
| South Brisbane | $469 | −11.3% | 1,752 |
| Brisbane City | $429 | −10.4% | 1,594 |
| Toowong | $459 | −6.1% | 947 |
| Spring Hill | $535 | −2.7% | 207 |
| Everton Park | $620 | −2.4% | 140 |
South Australia
Figures published by South Australian Housing Trust
New tenants in South Australia paid a median of $500 a week in the September quarter 2024, up 11.1% on a year earlier.
That's unchanged from the quarter before.
14,750 new leases were signed, 9.7% more than a year earlier.
A 2-bedroom unit went for a median of $450 (up 7.1%) and a 3-bedroom house for $550 (up 12.2%).
Biggest rises over the year
| Place | Median | 1 year | New leases |
|---|---|---|---|
| Davoren Park | $500 | +22.0% | 135 |
| Salisbury | $480 | +20.0% | 110 |
| Port Lincoln | $425 | +18.1% | 135 |
| Morphett Vale | $540 | +17.4% | 225 |
| Andrews Farm | $520 | +15.6% | 125 |
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 September quarter 2024, up 3.4% on a year earlier.
It rose 2.2% on the quarter before. This time of year usually runs 0.7% below the trend, so the change over the year is the fairer one to go by.
3,622 new leases were signed, 6.6% fewer than a year earlier. That suggests fewer renters moved.
A 2-bedroom unit went for a median of $430 (up 7.5%) and a 3-bedroom house for $490 (up 4.3%).
Biggest rises over the year
| Place | Median | 1 year | New leases |
|---|---|---|---|
| Newnham and Mowbray (7248) | $420 | +10.5% | 149 |
| Devonport and East Devonport (7310) | $430 | +8.9% | 173 |
| Kingston and Kingston Beach (7050) | $540 | +5.9% | 111 |
| South Launceston and Kings Meadows (7249) | $475 | +5.6% | 116 |
| Riverside and nearby (7250) | $462.50 | +5.1% | 412 |
Biggest falls over the year
| Place | Median | 1 year | New leases |
|---|---|---|---|
| Sandy Bay (7005) | $487.50 | −2.5% | 188 |
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.