Perth Property Market Rental Trends November 2023
Whether you are a landlord or property investor with an investment property in the Perth metro, keeping up with market trends and news is a no-brainer. It guides you in making informed decisions that serve your current and future property investment strategy.
Below is a rundown of the key data and insights from November 2023 so that you are informed and up to date with the Perth rental property market landscape.
Number of Perth Property Listings and Rentals
413 houses and 197 units were rented out in Perth during the week ending on the 26th of November.
The top rental property, North of the river, is Perth (25). Then, there is East Perth (16) and Alkimos (12). As for the South of the river, the most popular rental suburbs are Gosnells (12), Victoria Park (8), and Fremantle (8).
If you review the weekly comparison for all properties, you will see that 613 properties were rented this week, compared to 655 in the same week of last year. As for the number of available rental properties, you will find 1,982 properties available for rent this week, compared to 1,887 the same week of last year.
Median Prices in the Perth Rental Market
The median price data for the 12 months ending in November shows that the average rental price in Perth is $600 per week for houses. That is $500, $570, and $650 for two-bedroom houses, three-bedroom houses, and four-bedroom houses, respectively.
As for units, the overall median rental price sits at $550 per week. The median prices are $475 for one-bedroom units, $550 for two-bedroom units, and $600 for three-bedroom units per week.
The upward trend of Perth rental prices is impressive. In 2018, the median rental price was $355 for houses and $325 for units. In 2023, it is now at $600 for houses and $550 for units, which entails an increase of almost 70%.
In comparison, rent volumes have declined steadily since 2018. The rent volumes are down to 4,847 for houses and 2,711 for units in 2023, compared to 8,260 for houses and 5,094 for units in 2018.
Perth Rental Prices and Median Days
Despite the increase in rental prices, the time to lease a property lately has remained largely steady. The number of median days in November 2023 is 14, compared to 16 in August 2022 and 14 in November 2022.
The median rental price for houses is $600 per week in November 2023, compared to $500 per week in November 2022. The median rental price for units is $550 for November 2023 and $450 for November 2022.
As previously announced, the RBA increased the cash rate by 25 basis points to reach 4.35% in November (due to a higher-than-expected inflation outcome for the September quarter) and kept it steady ever since. This is in hopes of lowering the CPI inflation rate to 2-3% by 2025.
Conclusion
Bearing these insights in mind, you will be able to rethink your investment strategy and make data-driven decisions.
Contact us now to refine your unique long-term financial goals and enlist our help.
