Friday, April 16, 2010

Rental properties faring better in Perth.. so it seems

REIWA has announced that the vacancy rate in Perth has dropped 0.6% to 4.1% which is a sign that the supply of rental properties on the market has dropped, possibly because owners of rental properties are putting their houses back on the market as the housing prices have started to imrpove and there are more buyers on the market.
The median rent in Perth remains at $370 / week which is a good sign for renters. Alan Bourke from REIWA has been quoted saying that a healthy vacancy rate for Perth is 3%. That is, 3% of total number of rental properties available are vacant. Current vacancy rates indicate that the market is moving back to normal vacancy rates and potentially rent increases could be coming up.

Here is a snapshot from REIWA of rent movements in Perth suburbs and % movement in the last 3 months
  • Gosnells ($330pw - down 3%)
  • Western Suburbs ($440pw - down 3%)
  • Waneroo ($370pw - up 5.7%)
  • Bayswater ($350pw - up 6%)
House Rent Averages
  • Floreat ($640pw - up 21%)
  • Cottesloe ($775pw - up 19%)
  • Leeming  ($460pw - up 16%)
  • Ocean Reef ($510pw - up 13%)
  • Karrinyup  ($450pw - up 13%)
  • Fremantle ($525pw - up 12%)
  • Marangaroo ($390pw - up 11%)
  • North Perth ($500pw - up 11%)
  • Victoria Park, ($420pw - up 11%)
  • Cloverdale $350pw - up 8%)
What is your situation? are you renting or looking for a home in Perth? Leave a comment.

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