Thursday, October 15, 2009

Perth Rent Drops with New Houses

New media release from the Real Estate Institute of WA has revealed a drop in the median rental prices in Perth: 

Preliminary data for the September quarter released last night by the Real Estate Institute of Western Australia, shows that the vacancy rate for available rental properties in Perth has jumped significantly to 4.8 per cent.

Newly elected REIWA President Alan Bourke said this was the highest vacancy rate in 14 years, when it reached 5.4 per cent back in December of 1995.

The overall median rent in Perth remains steady at $360 per week, however median rents for units alone have dropped by just over 1 per cent, or $5, to $355 per week.

Mr Bourke attributed the slack vacancy rate to two key factors.

"The very strong first home buyer activity over the last nine months has seen many renters move into a home of their own, freeing up their previous property back into the rental market.

"In addition to this, data for dwelling commencements in the June quarter shows that nearly 1,600 new units and apartments were completed, along with 4,660 houses. Even so, there are still 16,700 dwellings currently under construction, including 5,800 units and apartments," Mr Bourke said.

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