Perth Property Market Rental Trends October 2024
As a Perth property owner or investor, the trends and updates of the Perth property rental market are undoubtedly of interest to you. After all, they provide you with the needed insights to make the right decisions for your rental business and maximise your return on investment.
In our monthly Perth property market rental review for October 2024, we will update you about the market so you can make informed decisions.
Number of Perth Property Market Listings and Rentals
In the week ending on the 27th of October, the Perth property market witnessed 414 houses and 195 units rented out. The current supply of rental properties is 1,358 and 557 for houses and units, respectively, reflecting a good balance between supply and demand.
Median Prices in the Perth Rental Market
Staying informed about the median prices in the Perth property rental market enables you to review and adjust your prices based on market trends.
House rentals over the 12 months ending in October have averaged $550, $630, and $700 per week for 2-bedroom houses, 3-bedroom houses, and 4-bedroom houses, respectively.
As for unit rentals, you can rent out your property for $520 if it’s a 1-bedroom unit, $600 if it’s a 2-bedroom unit, and $680 per week if it’s a 3-bedroom unit per week.
The top rental suburbs, North of the river, are East Perth (19), Perth (18), Scarborough (10), and Ellenbrook (10). As for South of the River, Baldivis comes first at 21. These are followed by Rockingham (10), Como (9), and Maddington (8).
Perth Rental Prices and Median Days
The acceleration in rental prices has been slowing down lately, which seems to be the trend for October as well. In late October, the median weekly rental price per week sat at $650 for houses and $612 for units, with 17 days to rent on average.
To put this into perspective, the median price was $650 for houses and $600 for units per week in August, with 19 days to rent on average. In May, the median weekly rent was $650 for houses and $600 per week for units, with 16 median days to rent.
In other words, there’s little to no increase in prices, up to 2%, to be specific. The market becoming more stable lately seems to be keeping vacancy rates under control. It also confirms the claim that the market has reached its affordability ceiling.
Going back further to November 2023, Perth’s weekly median price for houses was $600. As for units, it was $550. The number of median days was 14. The increase in median days shows that properties are taking longer to lease, and rental prices are stabilising as supply catches up to demand.
Conclusion
To recap, the Perth property market continues to close the supply and demand gap. The number of median days has shown little fluctuations over the past couple of months but has increased over the past year.
For that reason, Perth property owners and landlords must adjust their pricing based on market dynamics. Contact HERE Property now for a FREE property appraisal!
