The Australian Property Monitors today released figures that would have renters cheering in Perth as they show a 6.7% decline in the median asking rent for houses from $493 to $460 per week over the past year. For units in Perth, it was a 5.9% decrease from $425pw to $400pw which, apart from Canberra, was the only market in Australia to go backwards.
For the landlords, gross rental yield in the last 12 months has declined 5.8% for houses and a massive 8.9% for houses! Now, a Perth landlord can on average expect a yield of 5.02%. The slowing mining boom and a record numbre of multi-residential dwellings under construction in Perth will continue hurting the Perth rental market. Business investment, often a lead indicator for the real estate industry, is expecting an 8.25% decline in the 2014-15 financial year.
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