Perth rents drop as vacancy rates climb
New data shows the median rent across Perth has dropped by $30 since last year’s March quarter.
The Real Estate Institute of Western Australia (REIWA) said median rents dropped an additional $10 on the December quarter, down to $450 per week for houses and $420 for units.
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REIWA president David Airey said he expected Perth’s vacancy rate to climb further during the winter months.
“The Perth vacancy rate lifted to 4.4 per cent for the first three months of the year, due to falling population growth, the volume of new dwellings on the market and the number of former tenants who became first home buyers while interest rates are low,” Mr Airey said.
The number of rental properties on the Perth market had increased to about 7,080, up from 5,140 at the corresponding time last year.
However, rents remained steady in the three months to April, he said.
REIWA said Perth rents peaked in the middle of 2013 when they hit $475 per week, but have since fallen by 9.5 per cent over the past two years as supply overtook demand.
Mr Airey said many property owners would need to review their asking rents to attract and maintain good tenants in the face of the competition.
REIWA data showed the average time taken to lease a property had stretched to 36 days, up by almost a week on the figure for March last year.
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