Rental Market Update

We welcome you to contact us and discuss potential real estate opportunities all over the Perth area we service. This is REIWA's current rental report for your information: -

Perth Rental Report

Quarterly Perth Rental Market Update – Quarter 4 Year 2017

OVERVIEW

Overall median weekly rents across Perth Metro region have experienced declining trends since mid-2013. More recently, the market has begun to stabilise with the median weekly rent remaining unchanged at $350 for three consecutive quarters.

After experiencing slowing population growth rates since 2013, latest data indicates population growth may have reached its floor, providing much needed support to the local rental market.

Despite overall median rents coming in $10 per week lower in comparison to the same time in 2016, rents have remained steady over the last two quarters. The Perth Metro region’s overall median rent comes in at $350 per week for the December 2017 quarter.

Listing for rent have trended lower since the June 2016 quarter which indicates a welcome readjustment from the oversupply of rental properties observed previously. There were 8,912 properties listed for rent on reiwa.com, down 8.4 percent compared to the last quarter.

In terms of yields, average house yields are currently at 3.5% whilst unit yields are higher at 4.1% in comparison to the deposit savings rate, which is currently at 1.5%, property continues to offer a more attractive return on investment.

HOUSE RENTS

Median house rents have remained unchanged at $350 per week during the December 2017 quarter. In comparison to the same time in 2016, house rents are $30 per week cheaper.

On average, it takes 48 days to lease a house, down by 5 days from September 2017 quarter. As at December 2017, there were a total of 8,912 houses listed for rent, representing approximately 60% of all rental listings.

MULTI-RESIDENTIAL RENTS

Rents in the unit market declined marginally during the quarter by $3 to record $320 per week. In comparison to the December 2016 quarter, unit rents are down by $20 per week. Leasing activity is down by 3.5% from the last quarter and 2.9% from December 2016 quarter. On average, it takes 50 days to lease a unit in the Perth Metro region, down by four days from the September 2017 quarter.

Source: REIWA Quarterly Market Updates

Time Conti Sheffield
Real Estate Agents

Address
338 Albany Highway
Victoria Park 6100
Western Australia, Australia.

24 hours telephone
61 8 9362 5333

Facsimile
61 8 9362 6999

Email
cknight@timeconti.com.au

Person in bona fide control
Paul Conti

Opening Hours
8.30am-5.00pm
Monday to Friday
(except Public Holidays)

Licensee
Sheffield Estates Pty Ltd T/C
3329