In a positive development for Perth’s tenants, median rent prices maintained stability in April, holding at the same levels as the previous month, according to REIWA.
The median weekly dwelling rent and median house rents in Perth remained unchanged at $650, with median unit rents also holding steady at $600 per week.
“In a constant climate of rising rents, this is very welcome news,” said Cath Hart (pictured above), REIWA CEO. “We do expect rents to continue to rise over 2024, but the rate of growth has been slowing and there are signs demand is easing at the higher end of the market.”
Despite the stability in April, the rental market has experienced robust growth over the past year. The median unit rent saw the most significant increase, rising by 20% since April 2023. Similarly, median dwelling rent rose by 18.2%, and median house rent increased by 13%.
Listings for rent saw an uptick, with 2,094 properties available by the end of April – 13.2% higher than in March and 4.3% more than the same time last year.
“Rental listings have been below 2,000 for most of the last two years, so it’s very pleasing to see them increase,” Hart said. “Our members are reporting some newly built homes owned by Eastern States investors finally coming to the rental market.”
Homes in Perth were leased in a median of 16 days during April, reflecting stable market activity.
In the sales market, Perth’s median house price continued its upward trajectory, increasing by 1.6% to $630,000 in April, which is 14.5% higher than in April 2023. The unit market also saw a price increase, with median unit sale prices rising by 2.7% to $426,000.
While rental and sales markets are showing signs of stability and growth, challenges remain due to fluctuating supply and demand dynamics. Hart anticipated further increases in rental and sale prices.
“The median house price is already at a record high, but there is the potential this year for the median unit price to exceed its previous high of $450,000 set in 2014,” Hart said.
For the original report, read the REIWA media release.
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