Perth Property Market Rental Trends August 2023
When it comes to property ownership and investment in the Perth metro, it is necessary to remain up-to-date with the market trends and news. This data enables you to make informed decisions for your current and future property investment strategy.
We will give you a rundown of the key data and insights from August and early September 2023 so that you are informed about the Perth rental property market landscape.
Number of Perth Property Listings and Rentals
369 houses and 200 units were rented out in Perth over the week ending on the third of September.
Perth (24) comes in first place as the top rental suburb, North of the river. It is followed by East Perth (20), Alkimos (14), and Scarborough (12). Moving on to the South of the river, the most popular rental suburbs were Baldivis (12), Rivervale (10), Rockingham (9), and South Perth (7).
By scanning the weekly comparison for all properties, you will note that the number of properties rented was 569 this week, compared to 616 during the same week of last year. As for the number of available rental properties, we have 1,655 properties available for rent this week, compared to 1,905 the same week of last year.
Median Prices in the Perth Rental Market
According to the median price data for the 12 months ending in August, the average rental price in Perth is $585 per week for houses. Still, what does this look like if we consider the number of rooms? The prices are $480 per week for two-bedroom houses, $550 per week for three-bedroom houses, and $630 per week for four-bedroom houses.
As for units, the overall median rental price is $530 per week. On average, you can rent two-bedroom units for $450, three-bedroom units for $530, or four-bedroom units for $600.
Perth rental prices have been on a steady upward trend. In 2018, the median rental price was $350 for houses and $320 for units per week, compared to $585 for houses and $530 for units per week in August 2023, which demonstrates an uplift of over 65%
Rent volumes have been gradually decreasing since 2018. They have gone from 8,555 for houses and 5,371 for units in 2018 to 4,966 for houses and 3,130 for units in 2023.
Perth Rental Prices and Median Days
Although rental prices have increased, the time to lease a property has not fluctuated much lately. The number of median days in September 2023 is 16, compared to 15 in March 2022 and 15 in September 2022.
The median rental price for houses is $585 per week in August 2023, compared to $500 per week in September 2022. To compare, the median unit rental price is $530 for August 2023 and $450 for September 2022.
Finally, the cash rate has remained steady in August at 4.1%, and the RBA expects a continued decrease in the CPI inflation rate until it reaches 2-3% in 2025.
By factoring in these market changes, you can re-evaluate your investment strategy and make data-driven decisions.
Contact us now, and we will help you define and work towards your property investment goals to achieve future wealth.