While the median weekly rent for Perth has remained steady, there have been variances in several sub-regions, according to the peak real estate body.
The Real Estate Institute of Western Australia (REIWA) said Perth’s median metropolitan rents stayed steady at $450 in the three months to November, but have dropped by $20 per week since the same time last year.
“The vacancy rate is sitting at just under four per cent, slightly down from the June quarter but still 49 per cent higher than a year ago,” it said.
REIWA president David Airey said that while the median rent was steady, there had been price adjustments between houses and units, as well as variance in several sub-regions.
“The three months to November has seen around one-third of various sub-regions in metropolitan Perth adjusting median rents for houses and units, and mostly downwards,” Mr Airey said.
“The western suburbs remains the most expensive area, with an overall median of $550 per week, but this is down by around $70 on the same time last year, and is a reflection of the downturn in both population growth and jobs in the resources sector.”
The REIWA said the most affordable area remains Armadale, with an overall median rent of $380 per week. Areas that saw the biggest drops in house rents included Serpentine-Jarrahdale (down $15), and Stirling East, Joondalup North, Wanneroo South, Gosnells and Cockburn, all down $10.
Median house rents rose in Vincent (up $33), Rockingham (up $10), and Kwinana, up $5 per week.
For units, decreases were experienced in Vincent (down $28), Perth City, South Perth and Victoria Park, Western Suburbs, Wanneroo Northeast, Wanneroo South, Armadale and Rockingham – all down $10 per week.
Mr Airey said properties available for rent neared the 6,000 mark during the quarter, but had since surpassed that benchmark, according to fresh figures.
“We are currently sitting at around 6,200 properties with an average time of 33 days for property managers to secure a tenant,” Mr Airey said.