Perth Property Market Rental Trends January 2023
As a property investor or landlord in Perth, having access to insightful data about the rental market enables you to make informed decisions for your current and future property investment strategy.
Here, we’ve summarised key data and insights from January 2023 to give you an idea about the rental property market landscape.
Number of property listings and rentals
In the last week of January, 358 houses and 223 units were rented in Perth. On the other hand, the number of houses and units available for rent was 1,169 and 736, respectively. The most popular rental suburbs were Perth (22), Scarborough (16), East Perth (13), and Maylands (10) North of the river. South of the river, the top suburbs were South Perth (12), Baldivis (11), Como (9), and Wellard (9).
If we take a look at the weekly comparison for all properties, we’ll find that the number of properties rented was 581 this week, compared to 621 the same week last year.
As for the number of properties available for rent, there were about 2,305 properties available the same week last year compared to 1,906 this week highlighting the ongoing supply constraints
Median prices in the Perth rental market
The median price data for the last week of January showed that the average rental price in Perth is $545 per week for houses. Breaking this down based on the number of bedrooms, the prices are $430 per week for two-bedroom houses, $500 per week for three-bedroom houses, and $590 per week for four-bedroom houses.
As for units, the median price for one-bedroom units is $400 per week, while two-bedroom and three-bedroom units have median prices of $460 and $547 per week, respectively. The overall median rental price is $475 per week.
The rental prices in Perth have shown steady growth over recent years. In 2018, the median rental price for houses was $350 and $320 for units, compared to $545 and $475 for houses and units in January 2023, showing an increase of 60-70%.
On the other hand, rent volumes have shown a constant decline since 2018. In 2023, the numbers are 4,793 for houses and 3,001 for units, compared to 9,154 for houses and 5,487 for units in 2018.
Rental prices and median days
Time to lease a property remains stable over the month while rents continue to lift. The number of median days in February 2023 is 15, compared to 14 in November 2022 and 16 in February 2022. The median rental price for houses is $475 per week in February 2023, compared to $450 per week in November 2022 and $410 per week in February 2022.
As for median units, the rental price in February 2023 is $545 per week, compared to $500 per week in November 2022 and $460 in February 2022.
Now that you have the numbers, it’s time to re-evaluate your investment strategy and make data-driven decisions and plans.
Get in touch now to discuss your unique financial and lifestyle goals and how we can help you achieve them.