Perth Rental Market Rebounds as Prices Drop

Wednesday, September 14th, 2016
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Leasing across Perth’s rental market increased by 17 per cent in August, according to new data from the Real Estate Institute of Western Australia.

All five sub-regions had a rise in leased properties last month and the biggest increases were in the Central and North West areas, which were up 19 and 17.4 per cent, respectively.

REIWA president Hayden Groves said the surge in activity was coupled with a three per cent drop in properties available to rent.

“Although WA’s population growth has slowed in recent times, there has been a small lift in overseas migration into the state,” he said.

Cheaper rentals were allowing share-house tenants to move out on their own, Mr Groves said.

Perth’s overall median rent price dropped $5 to $375 in the three months to August.

“The median house price rent in Perth came in at $380 for the three months to August, while the median rent price for units was $350 per week,” Mr Groves said.

“Perth tenants continue to have plenty of choice in the market and are in a good position to secure a rental lease at a more affordable price.”

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