Perth Property Market Rental Trends September 2024
As a rental property investor in Perth, understanding the dynamics of the Perth property rental market enables you to make informed decisions for your rental business and boost your investment portfolio.
In our monthly Perth property market rental review for September 2024, we will walk you through the main updates and trends that define the market so you can adjust your investment strategy.
Number of Perth Property Market Listings and Rentals
In September, Perth’s housing market witnessed decent demand for rentals, with 353 houses and 158 units rented out in the week ending on the 29th of September. The current supply of houses and units is 1,511 and 577 for houses and units, respectively, reflecting a good balance between supply and demand.
Median Prices in the Perth Rental Market
By remaining updated on the median prices in the Perth property rental market, you can charge the appropriate rent prices based on market trends.
According to Reiwa, in the 12 months ending in September, 2-bedroom houses were worth $550 per week, while 3-bedroom and 4-bedroom rentals hovered around $630 and $700 per week, respectively. Moving onto unit rentals, 1-bedroom units can be rented for $520 per week, 2-bedroom units for $600 per week, and 3-bedroom units for $690 per week.
The top rental suburbs, North of the river, are East Perth (13), Perth (12), and West Perth (9). As for the South of the river, they are Baldivis (21), South Perth (12), and Rivervale (11).
Perth Rental Prices and Median Days
Rental prices seem to be stabilising, but median days have shown notable fluctuations in the past few months, and even, years.
In late September, the median weekly rental price sat at $650 per week for houses and $600 per week for units. The median days were 16, which is three days less than in August but two days more than a year ago.
In other words, the market is slowly moving towards a more balanced ratio between supply and demand. As such, rental properties are taking slightly more time to lease in the long run.
In April 2024, the median weekly rent was $650 and $590 per week for houses and units, respectively. They took 15 days to rent on average. Accordingly, the market has seen an increase in rental prices of under 2% from April to September, which suggests that the market is reaching an affordability ceiling.
Going back further to October 2023, Perth’s median weekly rent was $595 for houses and $550 for units. The number of median days was also 15. Again, we see that the market has grown since then, but the growth rate is mild.
Conclusion
To recap, Perth is growing at a slower rate now as its market reaches an affordability ceiling. The market is wrestling with the new supply and demand dynamic, which explains the fluctuation in the median days.
This makes it crucial for Perth property owners and landlords to adjust their pricing based on market dynamics. Contact HERE Property now for a FREE property appraisal!
