Perth Property Market Trends July 2023
Whether you are a landlord or property investor in the Perth metro, learning about the latest market trends and news enables you to make data-driven decisions for your current and future property investment strategy.
Down below is a rundown of the key data and insights from July and early August 2023, so that you are aware of what is happening in the Perth rental property market landscape.
Number of Perth Property Listings and Rentals
The first week of August witnessed the renting of 359 houses and 230 units in Perth.
Perth (32) is the top rental suburb, North of the river. Then, you have East Perth (16), Scarborough (14), and Maylands (12). As for the South of the river, Victoria Park (10) comes in first, closely followed by Rivervale (9), Canning Vale (8), and Rockingham (7).
Looking at the weekly comparison for all properties, we can see that the number of properties rented was 590 this week, compared to 684 during the same week of last year. As for the number of properties available for rent, 1,876 properties are open this week, whereas 2,163 were available the same week of last year.
Median Prices in the Perth Rental Market
The median price data for the 12 months ending in July showcases that the average rental price in Perth is $580 per week for houses. Still, how does that translate in differently-sized houses?
On average, you can get two-bedroom houses for $480, three-bedroom houses for $550, and four-bedroom houses for $620 per week.
Moving on to units, the overall median rental price is $520 per week. That is $450 for two-bedroom units, $520 for three-bedroom units, and $580 for four-bedroom units per week.
Perth rental prices have been on a steady rise. The median rental price was $350 for houses and $320 for units per week in 2018. In August 2023, it is $580 per week for houses and $520 per week for units, showcasing an increase of 62.5% and 65.71%.
However, rent volumes have been gradually receding since 2018. The rent volumes are 5,093 for houses and 3,192 for units in 2023, compared to 8,567 for houses and 5,262 for units in 2018.
Perth Rental Prices and Median Days
Rental prices may have increased, but the time to lease a property lately has remained mostly stagnant. The number of median days in August 2023 is 16, compared to 15 in February 2022 and 16 in August 2022.
The median rental price for houses is $580 per week in August 2023, compared to $500 per week in August 2022. As for units, the median rental price is $520 for August 2023 and $440 per week for August 2022.
The RBA has kept the cash rate unchanged at 4.1% in August and expects the CPI inflation to continue decreasing and reach 2-3% in 2025.
By taking this date into consideration, you can take a look at your investment strategy and adjust it as needed.
Contact us now, and our team will work with you towards your long-term financial and lifestyle goals.