Perth's rental stock soars
The number of properties available for lease in Perth has dipped recently, but still remains well above the levels recorded this time last year.
Recent data from the Real Estate Institute of Western Australia (REIWA) shows that while the number of properties available for lease in Perth decreased slightly over September, there are still 50 per cent more than this time last year.
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REIWA president David Airey said the Perth market had been flooded with around 2,000 more properties than was needed for a balanced market, which was having a negative effect on vacancy rates and asking rents.
"Overall rents are now four per cent below the median price from the same time last year, with houses now typically at $450 per week and units around $430," he said.
This is a reduction in $10 per week for houses and $15 for apartments and villas.
"The increase in stock is mostly due to weakening demand for rentals as migration slowed," Mr Airey said.
At the end of September, reiwa.com was showing 3,378 houses and 2,333 apartments and villas up for lease.
The data also showed Perth’s median house price has lifted by just under one per cent in the September quarter to $548,000.
Mr Airey said that on current trends, it’s possible that median rents may fall a little further but this would become clearer in the New Year, traditionally the busiest time in the rental system.
