Perth rents ease in December Quarter

It is good news for tenants, Perth’s rental market showed some signs of easing in the last three months of last year.

Preliminary REIWA data show that for the December quarter the vacancy rate lifted marginally from 1.8 to 1.9 per cent, but the median rental price for units and apartments dropped by $10 per week.

While the vacancy rate was still tighter than normal, the overall median rent has remained stable at $450 per week, ending a steady climb in rents over the last 12 months.
Our data show that while the median rent for a house lifted by $10 to $460 per week, the median rent for strata dwellings such as units, apartments, villas and townhouses fell by $10 to $420 per week.

The December quarter saw a decrease in demand for rentals and an increase in listings.
With the overall median rent remaining the same in the December quarter as it was with the September quarter, weekly rental listings topped 2,800 in mid December before decreasing towards the end of the year. However, by early January this had lifted again to 3,000 properties up for rent.

New leases fell by 3 per cent from 11,500 in the September quarter to 11,200 in the December quarter.

Despite the modest drop in price for units and apartments in the last three months of 2012, we need to keep in mind that the March quarter is always the strongest period in the year for rental activity, so this drop may only be a temporary reprieve for tenants.

The median rent may pick up again as the year progresses, but as always this will depend on supply and demand.

This article was originally published on reiwa.com.

About Bernie Kroczek

Bernie Kroczek has been in real estate for over 26 years. He prides himself on offering an alternative to the usual way of doing real estate. He also likes to offer plenty of free information to help people make the best decision when buying or selling property.

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