Perth Property Market Rental Trends December 2023
When it comes to managing your investment property in the Perth metro, keeping up with market trends and news is a no-brainer. It informs your strategy in ways that serve your current and future property investment portfolio.
In this post, we will guide you through the key data and insights of December 2023 to keep you informed and up to date with the Perth rental property market landscape.
Number of Perth Property Listings and Rentals
The week ending on the 31st of December saw 79 houses and 65 units rented out in Perth.
North of the river, there is Perth (8) in first place. Then, there is East Perth (3), Wembley (3), and Scarborough (3). As for South, Baldivis (5) comes in first, closely followed by Attadale (4). Then, there is Thornie (3) and Willetton (3).
Looking at the weekly comparison for all properties, we can see that 145 properties were rented that week, which is 5.2% lower than a year ago. Moving on to the number of available rental properties, there are 1,518 properties available for rent this week, which is 4.7% higher than a year ago.
Median Prices in the Perth Rental Market
According to the median price data for the 12 months ending in December 2023, the average rental price in Perth is $620 per week for houses. Now, let us see what that looks like for different house sizes. In this scenario, you can rent two-bedroom houses, three-bedroom houses, and four-bedroom houses for $650, $750, and $775 per week, respectively, on average.
As for units, the overall median rental price is $570 per week. The median prices are $500, $645, and $972 per week for one-bedroom units, two-bedroom units, and three-bedroom units, respectively.
We also notice a continuous increase in Perth rental prices. The 2018 median rental price was $360 for houses and $325 for units. In 2023, it’s $620 for houses and $570 for units, which means there is an increase of over 72%.
However, rent volumes have been steadily declining since 2018. The rent volumes for 2023 are 4,986 for houses and 2,635 for units, compared to 7,969 for houses and 4,922 for units in 2018.
Perth Rental Prices and Median Days
Rental prices may increase, but the time to lease a property did not fluctuate much. The number of median days in December 2023 was 15, compared to 14 in December 2022 and 15 in September 2022.
The median rental price for houses is $620 per week in December 2023, compared to $520 per week in December 2022. Also, the median rental price for units is $570 for December 2023 and $450 for December 2022.
After increasing the cash rate in November by 25 basis points, the RBA kept it on hold at 4.35%, regardless of the concerns that it will not be able to get inflation down to 2 or 3% by 2025 as planned.
Conclusion
With the help of these trends and insights, you can accurately evaluate your investment strategy and make informed decisions.
Contact us now to perfect your long-term financial strategy in Perth property.
