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Perth: Available rental stock is dropping at a rapid rate

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According to data compiled by the Real Estate Institute of Western Australia (REIWA), listings fell by 17 per cent in May to 4,676.

“Looking ahead, the median rent per week should remain at least stable until the end of the year, with any increase in rent only allowed on new rental listings. Legislation implemented in the Residential Tenancies (COVID-19 Response) Act 2020, means occupied rentals cannot have a rent increase until October.”

Rent prices remain stable in Perth, according to the REIWA, who noted the overall median rent sat at $350 per week during May. 

“The top 10 suburbs that saw the biggest increase to median sale price include Ellenbrook, Claremont, Butler, Yokine, Yanchep, Gosnells, Kelmscott, Halls Head, Waikiki and Willetton,” Mr Collins said.
“Interestingly, seven of the 10 suburbs had a median sale price under Perth’s median of $475,000 and suggests people are taking advantage of properties in Perth that are priced at the lower end.”

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