Perth rents start to rise

Stock image.
Stock image.

AFTER several years of inactivity, Perth rents are starting to rise according to CoreLogic’s Rent Review for the June quarter 2019.

The overall median weekly rent remained stable at $389 for the month, but was 0.7 per cent higher than the March quarter and 2.5 per cent higher than the same time last year.

Houses ($394 per week) and units ($352 per week) both recorded increases of 0.7 per cent over the reporting period, but houses saw a higher annual increase, up 2.6 per cent compared with 2.0 per cent for units.

The Perth market experienced a prolonged period of rent price declines and then stability, and rents are at similar levels to 10 years ago.

Weekly rent prices for houses are 2.1 per cent higher, but are 0.8 per cent lower for units.

Nationally weekly rents increased 0.3 per cent over the June quarter, but were 1 per cent lower than the previous quarter and level with rental growth in the June quarter 2018.

Rents increased in all capital cities except Sydney and Darwin over the past 12 months.

Perth and Brisbane were the only two capitals where the annual change in rents was greater than the same period in 2018.

Source: CoreLogic.

Research analyst Cameron Kusher said although rent prices in Sydney were falling, the city was still the most expensive city to rent a property with a median rent of $580 per week.

“For many years Hobart has been the most affordable rental market however, the rapid growth in rents over recent years has seen it become more expensive than Brisbane, Adelaide, Perth and Darwin and on par with the cost of renting in Melbourne,” he said.

“Darwin rents have been falling for many years and they continue to decline.

“The past year has seen a change of direction for both the Brisbane and Perth rental markets, following a number of years of declines rents are now climbing again”.

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