Perth Property Market Rental Trends May 2023
If you’re a landlord or property investor with an investment property in the Perth metro, it’s important to keep up with the market trends and news. This way, you can make informed decisions for your current and future property investment strategy.
Here’s a rundown of the key data and insights from May 2023 to keep you informed about the Perth rental property market landscape.
Number of Perth Property Listings and Rentals
Over the first week of June, 316 houses and 199 units were rented out in Perth.
Perth (21) takes the cake as the top rental suburb, North of the river. It’s followed by Maylands (18), East Perth (12), and Scarborough (11). As for the South of the river, the most popular rental suburbs were Baldivis (8), Rockingham (8), Rivervale (7), and South Perth (7).
If we review the weekly comparison for all properties, we’ll see that the number of properties rented was 515 this week, compared to 572 during the same week of last year. Moving on to the number of available rental properties, we have 2,161 properties available for rent this week, compared to 2,315 the same week of last year.
Median Prices in the Perth Rental Market
The median price data for the first week of June disclosed the average rental price in Perth to be $560 per week for houses. Now, let’s dissect this based on the number of bedrooms. The prices are $495 per week for two-bedroom houses, $530 per week for three-bedroom houses, and $600 per week for four-bedroom houses.
When it comes to units, the median prices for rentals are $450, $500, and $550 per week for one-bedroom units, two-bedroom units, and three-bedroom units, respectively. And the overall median rental price is $500 per week.
Perth rental prices have witnessed a steady increase. In 2018, the median rental price was $350 for houses and $320 for units, whereas it’s $560 for houses and $500 for units in June 2023, which demonstrates an increase of 56.25% to 60%.
However, rent volumes have been declining steadily since 2018. The numbers for 2023 are 4,900 for houses and 2,973 for units, compared to 8,533 for houses and 5,115 for units in 2018.
Perth Rental Prices and Median Days
There hasn’t been much fluctuation in the time to lease a property lately (despite the increase in rental prices). The number of median days in June 2023 is 16, compared to 15 in March 2022 and 16 in June 2022.
On the one hand, the median rental price for houses is $560 per week in June 2023, compared to $490 per week in June 2022. On the other hand, the median rental price for units is $500 for June 2023 and $430 for June 2022.
With these insights in mind, you can evaluate your investment strategy and make data-driven decisions.
Contact us now to discuss your unique long-term financial and lifestyle goals and how we can help you achieve them.