Monday, April 15, 2013

Renting in Perth Scarcer in 2013

It's becoming a pretty tight market for those looking for a home to rent in Perth. REIWA recently announced that the median rent in Perth jumped 12% from last year to $470 per week. The gap between renting an apartment and a house is narrowing in Perth as people become more desperate to find any kind of accommodation to rent, discarding personal preferences in the scramble to be housed. The current median price for a house is $480 per week whereas the median price for a unit is only $30 less at $450 per week. This is in spite of a 50% increase in properties for rent in the past six months!

The first home buyers have started to move from rentals to purchasing a new home but this has been offset by many new migrants coming to Perth from the eastern states and abroad. It will be an interesting year for Perth as the mining boom continues to slow down. Last Friday, it was announced that the $45 billion dollar Browse project by Woodside in the north had been shelved.

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