Perth rental prices increased due to high demand

WA rental also increased the most in the nation but based by RP Data. Perth was also the best performer in the June with 2.6% in the median rental price. According to RP Data Senior Research Analyst Cameron Kusher, “He was anticipating stronger levels of rental growth in the short-term and with sales volumes depressed and first-home buyers inactive, there was likely to be an increased competition for rental stock in the near future.” “This activity may be beneficial to investors who could see a boost in rental rates as vacancies tighten and fewer dwelling continues to commence construction,” he added. The prospects for strong growth in rents are much more limited and tourism market remains dilapidated for limited significant competition for rental stock.

Perth rental prices have increased by $15 per week, 6% of people signing rental agreement had increased, and the median rent in Perth is $400 per week. The house sales in Perth rising by 1% for the September quarter and sales of units, apartments, villas and townhouses falling by 1%. “According to Western Australian Council of Social Services Chief Irina Cattalini, “We are down to less than 3% of available housing, which is less than 3000 properties in the market.” The rental activity has concerned the already-sluggish housing market and few of those properties are available for people on low income so it also puts pressure on and increased demand for social housing and affordable housing across WA. According to REIWA’s latest report properties available for lease in Perth have fallen by 20%, from 3,600 at the end of June to 2,800 at the end of September. Minister for Housing Troy Buswell announced an additional 2,300 houses to be built across WA under the National Rental Affordability Scheme.