Regional Rent Report, September 2023

The IPN Regional Rent Index analyses the short-term fluctuations in house rental markets across regions in NSW, VIC, QLD, SA, WA, and TAS, excluding capital city areas.

Published monthly, the data is derived from advertised rentals for houses and is calculated over a rolling 12-month sample period. Metrics include median rents for both houses and units, and vacancy rates, all aggregated by the ABS standard known as Statistical Area 3 (SA3).

View our September report here.

Regional Rent Index Report Highlights

Housing market

  • The pace of regional housing rental increases has slowed slightly, with Western Australia's Albany region showing the highest increase, at 7.5%. Tasmania’s Meander Valley-West Tamar and New South Wales’ Young-Yass are not far behind, both at 7.1%. In Western Australia’s Kimberley region, housing has reached $800, a further 6.7% increase (following last month’s increase of 11%). Rounding out the top 5 is Victoria’s Campaspe region, with an increase of 6.5%.

Unit market

  • The unit rental market continues to surge, with NSW’s Upper Hunter & WA’s Kimberley regions recording the highest increases at 10%. Unit rentals in WA’s Albany region follow its housing market, up 9%. South Australia’s York Peninsula and Queensland’s Darling Downs-East make up the top five, both at 8%.

Vacancy rates

  • Vacancy rates in some regional areas have seen substantial decreases, indicating that the regional rental markets are equally as challenging for renters. The vacancy rate in SA’s Outback-North and East has dropped from 2.9% to 1.7%, but the standout is the heavily populated Noosa region in QLD, dropping from 2.8% to 2%. The rental vacancy in Tasmania’s Central Highlands has fallen to 2.3%, while another QLD regional area, Hervey Bay, has just a 1% vacancy rate.

View our September report here.