Perth Property Market Rental Trends October 2023
As landlords and property investors with an investment property in the Perth metro, you understand the vitality of keeping up with market trends and news. It informs your decisions in ways that serve your current and future property investment strategy.
Here we’ll walk you through the key data and insights from October and early 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
The week ending on the 5th of November saw 384 houses and 240 units rented out in Perth.
Perth (20) came in first place as the top rental suburb, North of the river. Then, there was East Perth (16) and Scarborough (13). As for the South of the river, the top popular rental suburbs were Baldivis (12), South Perth (12), and Rivervale (12).
By looking at the weekly comparison for all properties, we can see that 624 properties were rented this week, compared to 577 in the same week of last year. As for the number of available rental properties, we have 1,739 properties available for rent this week, compared to 1,764 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 October, the average rental price in Perth is $600 per week for houses. What does this mean for different house sizes? Two-bedroom houses, three-bedroom houses, and four-bedroom houses cost an average of $500, $560, and $650 per week for rent.
Moving on to units, the overall median rental price is $550 per week. The median prices are $460, $550, and $600 per week for one-bedroom units, two-bedroom units, and three-bedroom units, respectively.
It would be hard not to notice the increase in Perth rental prices. The 2018 median rental price was $360 for houses and $320 for units. In 2023, it’s $600 for houses and $550 for units, showcasing an increase of over 66%.
Nonetheless, rent volumes have witnessed a steady decline since 2018. The rent volumes for 2023 are 4,807 for houses and 2,804 for units, compared to 8,549 for houses and 5,320 for units in 2018.
Perth Rental Prices and Median Days
Regardless of the increase in rental prices, the time to lease a property lately has remained mostly unchanged. The number of median days in October 2023 was 14, compared to 16 in August 2022 and 14 in November 2022.
The median rental price for houses sits at $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.
After remaining steady for months, the RBA decided to increase the cash rate by 25 basis points to reach 4.35% on the 8th of November (due to a higher-than-expected inflation outcome for the September quarter). This is in hopes of lowering the CPI inflation rate to 2-3% by 2025.
By considering these trends and insights, you can accurately assess your investment strategy and make data-driven decisions.
Contact us now to refine your unique long-term financial goals in Perth property.