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Perth’s tough rental market shows strong sub-regions

Perth’s tough rental market shows strong sub-regions

Renting has become more affordable in Perth in recent times, and Perth’s rental market continued to feel the impact of slowing migration trends in the 2015 December quarter.

Nevertheless, Real Estate Institute of Western Australia (REIWA) president Hayden Groves says there are a number of sub-regions across the metropolitan area that have recorded stable or positive rent price growth according to data.

“While the overall rental market experienced some softening in the December quarter, when we drill down further we see there were a number of pockets where stable or positive rental yields were felt,” Groves says.

The areas of Wanneroo South and the Fremantle sub-region saw increases. Wanneroo South saw its overall median rent price increase $15 to $430 per week in the three months to December, a 3.6 per cent lift on the September quarter median according to Groves.

“The median rent in the Fremantle sub-region lifted by $15 over the quarter, up to $485 per week from $470 in the September quarter – which is an increase of 3.2 per cent,” he says.

Perth’s overall median rent came in at $400 per week for the December quarter, which is steady on the September quarter figure.

“When we break this down into house and unit rent prices, our latest data shows house rents dipped $5 to $405 per week in the three months to 31 December, while units came in at $380 per week, down from $395 in the September quarter,” he says.

The median rent was stable in the following regions:

Melville – $450 per week Belmont – $400 per week Stirling East – $370 per week Stirling West – $475 per week Joondalup North – $420 per week

Average leasing days

It took an average of 46 days to lease a rental property in the Perth metro area in the December quarter, unchanged from the September quarter.

“In terms of houses and units, investors were having to wait an average of 44 days to find a tenant for their house rental, while for units it took around 50 days,” Groves says.

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