Perth Property Market Rental Trends December 2024
As a property owner or manager in Perth, staying informed about trends and updates in the local rental market is a crucial step toward making well-informed decisions for your rental business. This knowledge provides valuable insights that can help maximise the profitability of your investment.
In our December 2024 Perth property market rental review, we offer a comprehensive update on the market, equipping you with the information needed to make strategic decisions for your investment property.
Number of Perth Property Market Listings and Rentals
In the week ending on December 22nd, 545 houses and 254 units were rented out. With a supply of 1,411 houses and 478 units, respectively, this reflects a healthy balance between supply and demand in the rental market.
Median Prices in the Perth Rental Market
With enough intel about the median prices in the Perth property market, you can review and adjust your prices to accommodate market trends.
Over the 12 months ending in December, house rentals had an average rental price of $550, $650, and $700 per week for 2-bedroom houses, 3-bedroom houses, and 4-bedroom houses, respectively.
As for unit rentals, the weekly median price is $525 for 1-bedroom units, $600 for 2-bedroom units, and $695 per week for 3-bedroom units.
Looking at the top rental suburbs in November, North of the river, Perth (23) took the lead, followed by East Perth (20), Maylands (17), and Scarborough (13) on that list. As for South of the River, Baldivis is in first place at 29. Then, there is Rivervale (14), Como (14), and Wellard (12).
Perth Rental Prices and Median Days
The median weekly rental price is $650 for houses and $620 for units, with an average of 15 median days.
Looking back to September, the median weekly rental price was $650 for houses and $600 for units, with an average of 18 days to secure a tenant.
In June 2023, the median rent was $560 for houses and $500 for units per week, with 16 days to rent. Accordingly, rental prices have increased by over 16% to 24%, but let us take a look at how the purchasing power has reacted to that increase.
Looking back nearly a year to December 2023, the median weekly rent for houses and units in Perth was $600 and $550, respectively, with a median rental time of 15 days, which remains consistent with the current figures. This could indicate that the market is stabilising and rental price changes are being contained.
Conclusion
To conclude, the Perth property market has again showcased resilience and satisfactory demand for rental properties. The consistency of median days demonstrates a stable market.
However, will this stability continue in the future? We advise Perth property owners and landlords to adjust their pricing based on market dynamics. Contact HERE Property now for a FREE property appraisal!
