Perth Property Market Trends June 2023
As a landlord or property investor with an investment property in the Perth metro, keeping up with the market trends and news is crucial. After all, it enables you to make informed decisions for your current and future property investment strategy.
Here’s a summary of the key data and insights from June 2023 and early July, so that you’re informed about the Perth rental property market landscape.
Number of Perth Property Listings and Rentals
During the first week of July, 408 houses and 235 units were rented out in Perth.
Perth (17) takes the number one spot as the top rental suburb, North of the river. It’s closely followed by East Perth (16), and Maylands and Scarborough (15). Moving on to the South of the river, Baldivis and Rivervale (13) tied for the most popular rental suburb. Other popular suburbs are South Perth (11) and Warnbro (8).
Looking at the weekly comparison for all properties, you’ll note that the number of properties rented was 643 this week, compared to 654 during the same week of last year. As for the number of available rental properties, there are 2,123 properties available for rent this week, compared to 2,348 the same week of last year.
Median Prices in the Perth Rental Market
According to the median price data for the first week of July, the average rental price in Perth is $575 per week for houses. Still, what does it look like for differently-sized houses?
The prices are $482 per week for two-bedroom houses, $550 per week for three-bedroom houses, and $600 per week for four-bedroom houses.
For units, the overall median rental price is $500 per week. And the median prices are $450, $500, and $575 per week for one-bedroom units, two-bedroom units, and three-bedroom units, respectively.
Perth rental prices have witnessed a steady increase. In 2018, the median rental price was estimated at $350 for houses and $320 for units. In July 2023, it’s $575 per week for houses and $500 per week for units, which demonstrates an increase of 56.25% to 64.29%.
Otherwise, rent volumes have been on a steady downturn since 2018. The numbers are 4,790 for houses and 2,984 for units in 2023, compared to 8,219 for houses and 5,031 for units in 2018.
Perth Rental Prices and Median Days
Although rental prices have increased, the time to lease a property hasn’t changed much lately. In fact, the number of median days in July 2023 is 16, January 2022, and July 2022!
The median rental price for houses is $575 per week in July 2023, compared to $495 per week in July 2022. The median rental price for units is $500 for July 2023 and $430 for July 2022.
The RBA lifted the cash rate to 4.1% in June
During the month of June, the RBA increased the cash rate another 25 basis points to 4.1% as part of its aim to bring inflation back within the target range of 2-3%.
If you’re mindful of these insights and trends, you can assess your investment strategy and make data-driven decisions.
Contact us now, and we’ll help you define and work towards your long-term financial and lifestyle goals.