Perth Property Market Rental Trends September 2023
When it comes to property ownership and investment in the Perth metro, keeping up-to-date with the market trends and news can help you to make informed decisions for your current and future property investment strategy.
Here is a rundown of the key data and insights from September and early October 2023 to keep you informed about the Perth rental property market landscape.
Number of Perth Property Listings and Rentals
Over the last week of September, 304 houses and 178 units were rented out in Perth.
In the number one spot sits Perth (20) as the top rental suburb, North of the river. It is followed by East Perth (17), and Scarborough and Maylands (12). The top rental suburbs South of the river are South Perth (12), Rivervale and Fremantle (7), and Canning Vale (6).
By looking at the weekly comparison for all properties, we can note that the number of properties rented was 482 this week, compared to 504 on the same week of last year. The number of available rental properties is 1,679 this week, compared to 1,724 the same week of last year.
Median Prices in the Perth Rental Market
Based on the median price data for the 12 months ending in September, the average rental price in Perth is $595 per week for houses. When we break down this number according to the number of bedrooms, it becomes $490 per week for two-bedroom houses, $550 per week for three-bedroom houses, and $640 per week for four-bedroom houses.
As for units, the overall median is $550 per week. That is $460, $550, and $600 per week for one-bedroom units, two-bedroom units, and three-bedroom units, respectively.
We can see a significant uplift in Perth rental prices over the recent years. Between 2018 and 2023 values, the median rental price increased from $355 to $595 per week for houses and from $320 to $550 per week for units. To explain, there’s an uptrend of over 67%.
Moving on to rent volumes, they have been steadily declining from 2018 to date. In fact, the rent volume decreased from 8,514 to 4,828 for houses and from 5,263 to 2,922 for units.
Perth Rental Prices and Median Days
The time to lease a property has mostly remained steady lately (despite the increase in rental prices). The number of median days in October 2023 is 15, compared to 16 in July 2022 and 15 in October 2022.
The median rental price for houses is $595 per week in October 2023, compared to $500 per week in October 2022. As for units, their median rental price is $550 for October 2023 and $450 for October 2022, per week.
Lastly, the cash remains steady throughout September and the beginning of October at 4.1%. Also, the RBA expects the CPI inflation rate to decrease until it reaches 2-3% in 2025.
When you keep these market changes in mind, you can craft an informed investment strategy and make confident decisions.
Contact us today to discuss your unique goals in Perth property.