Perth Property Market Rental Trends January 2024
To manage your investment property in the Perth metro, keeping up with market trends and news is a no-brainer. It acts as guidance for your financial decisions, benefiting your current and future property investment strategy.
In this report, we’ll walk you through the key data and updates from January and early February 2024 so that you are informed and up to date with the Perth rental property market landscape.
Number of Perth Property Listings and Rentals
During the week ending on the 4th of February, 456 houses and 298 units were rented out in Perth. Perth (34) was the top rental suburb, North of the river. It was followed by East Perth (28) and Scarborough (16). Moving on to the South of the river, the top popular rental suburbs were Baldivis (20), Rivervale (14), and Armadale (13).
If you look at the weekly comparison for all properties, you will see that 754 properties were rented this week, compared to 717 in the same week of last year. As for listings, you will find 1,863 properties available for rent this week, compared to 1,852 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 January, the average rental price in Perth is $620 per week for houses. Let us unpack that according to the number of bedrooms. You can have two-bedroom houses for $540, three-bedroom houses for $580, and four-bedroom houses for $660 on average per week for rent.
As for units, the overall median rental price is $550 per week. The average rental prices are $500, $575, and $640 per week for one-bedroom units, two-bedroom units, and three-bedroom units, respectively.
The increase in Perth rental prices is undeniable. The median rental price for units climbed from $330 in 2019 to $560 in 2024. For houses, it climbed from $360 in 2019 to $620 in 2024, which entails that there is an increase of over 40%.
Regardless, rent volumes have been on a steady downturn since 2019. The rent volumes for 2024 are 5,081 for houses and 2,556 for units, compared to 8,127 for houses and 5,052 for units in 2019.
Perth Rental Prices and Median Days
In spite of rental prices increasing, the time to lease a property lately has remained mostly steady. The number of median days in February was 16, compared to 14 in November 2023 and 15 in February 2023.
The median rental price for houses is $620 per week in February 2024, compared to $545 per week in February 2023. The median rental price for units is $560 per week for February 2024 and $475 per week for February 2023.
Similar to the previous month, the RBA kept the cash rate steady at 4.35% in January. This is part of the RBA’s plan to get the CPI inflation rate to 2-3% by 2025.
Conclusion
By acquainting yourself with and accommodating these market trends, you can accurately evaluate your investment strategy and adjust it accordingly.
Contact us now to talk about your unique long-term financial goals in Perth property.
