Perth Property Market Rental Trends February 2024
When it comes to your investment property in the Perth metro, you understand the importance of keeping up with market trends and updates. It guides you to the right investment decisions, enriching your current and future property investment strategy.
In this report, we will walk you through the key data from February and early March 2024 to keep you up to date with the Perth rental property market landscape.
Number of Perth Property Listings and Rentals
If we look at the week ending on the 3rd of March, 391 houses and 221 units were rented out in Perth. Perth (23) was the top rental suburb, North of the river. Then, there’s East Perth (14) and West Perth (14). As for the South of the river, the top popular rental suburbs were Baldivis (13), Como (10), and South Perth (9).
By reviewing the weekly comparison for all properties, you will find that 612 properties were rented this week, as opposed to 551 in the same week of last year. Moving on to listings, there are 1,684 properties available for rent this week, compared to 1,856 properties in the same week of last year.
Median Prices in the Perth Rental Market
Based on the median price data for the 12 months ending in February, the average rental price in Perth is $640 per week for houses. As for what that number looks like for different house sizes, that is $550 for two-bedroom houses, $595 for three-bedroom houses, and $680 for four-bedroom houses per week for rent.
As for units, the overall median rental price is $580 per week. The median prices are $500, $590, and $650 per week for one-bedroom units, two-bedroom units, and three-bedroom units, respectively.
It is easy to see the increase in Perth rental prices. The 2019 median rental price was $360 for houses and $330 for units. In 2024, it’s $640 for houses and $580 for units, which demonstrates an increase of over 75%.
However, rent volumes have gradually declined since 2019. The rent volumes for 2024 are 5,103 for houses and 2,630 for units, compared to 8,093 for houses and 5,153 for units in 2018.
Perth Rental Prices and Median Days
Despite the increase in rental prices, the time to lease a property lately has remained mostly steady. The number of median days was 16 in February 2024, compared to 15 in December 2023 and March 2023.
The median rental price for houses sits at $620 per week in February 2024, compared to $545 per week in February 2023. The median rental price for units is $560 for February 2024 and $475 for February 2023.
On the 6th of February, the RBA decided to keep the cash rate steady at 4.35%. This is part of its plan to lower the CPI inflation rate to 2-3% by 2025.
Conclusion on Perth Property Market Rental Trends
When you note these investment property trends, you can accurately assess your investment strategy and make data-driven decisions.
Contact us now to set your unique long-term financial goals in Perth property.
