New data from the Real Estate Institute of Western Australia (REIWA) reveal Perth’s rental market is cooling, with median rents dropping.
According to REIWA, median rents are falling by around one per cent as the metropolitan vacancy rate rests at 3.1 per cent of available properties.
REIWA president David Airey said: “We now have around 3,843 rental listings in the marketplace, which is down by about six per cent over the last three months, but still well above the same time last year at 81 per cent.
“Within this context, the median rent has dropped back to $470 per week, or around $475 for a house - down by $5 on the June quarter and $450 for a flat, unit, apartment or villa - down by $10,” Mr Airey said.
Mr Airey said that as REIWA had previously predicted, the rise in the vacancy rate was now seeing a softening in rents in a number of areas.
“Median rents have come down by $10 per week in Bayswater and Bassendean, $15 in Fremantle, $22 in Melville, $30 in the City of Perth, $25 in South Perth and Victoria Park, $20 in Vincent, $25 in the western suburbs, $23 in Mundaring, $20 in north west Wanneroo, $10 through north east and southern Wanneroo, $10 in Cockburn and also $10 in Rockingham,” Mr Airey said.
Around 65 per cent of vacant rental properties were broadly within a 10 kilometre radius of the CBD and this central sub-region witnessed a decrease in listings during the September quarter.
However, some sub-markets such as Bassendean-Bayswater, Belmont and South Perth-Victoria Park saw increases in listings of between five and 16 per cent for the quarter.
“In the eastern part of the City of Stirling, places like Joondanna, Yokine and Tuart Hill saw an increase in listings of around five per cent,” Mr Airey said.