Conditions worsening in Perth
Perth is increasingly a tenants’ market as house prices and asking rents continue to fall.
New data from the REIWA shows Perth’s overall median rent eased by $5 in the three months to September to come in at $370 per week. Broken down, the median house rent is $380 per week and the median unit rent is $350 per week.
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In addition, REIWA president Hayden Groves noted the median house price softened to $525,000 – 0.8 per cent lower than the three months to August figure.
Despite the decreases, the REIWA said it wasn’t all bad news for investors in the region.
The REIWA data showed leasing activity for the three months to September continued to rise with all sub-regions across the metropolitan area showing improved levels of activity.
The biggest increases in activity were felt in the north-west sub-region (up 15.3 per cent) and the south-west subregion (up 13.1 per cent), Mr Groves noted, saying now could be the time to enter the Perth market.
“Perth tenants are definitely taking advantage of market conditions. The improved levels of affordability are providing good opportunity for first-time renters to emerge and enter the market, while those in share houses are now finding they can afford to move out on their own,” he said.
Listings for rent were down over the month, but the REIWA noted they remain above long-term averages.