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Steady Rents and Market Dynamics: Insights into Western Australia’s Rental Market

Posted by Empire Property on 04/06/2024

Perth’s Rental Market Holds Steady in April

In a breath of fresh air for tenants across Perth, the median rent prices in the region remained stable through April. According to recent data, the median weekly rent for both houses and dwellings held firm at $650, while unit rents were consistent at $600 per week.

“In a constant climate of rising rents, this is very welcome news,” commented REIWA CEO Cath Hart. Despite a general expectation for rents to continue climbing throughout 2024, the pace of this increase appears to be decelerating. Indicators also suggest that demand is tapering off at the higher end of the market.

Year-On-Year Growth

While the monthly figures might show stability, the year-on-year data tells a different story. The median unit rent surged by 20% compared to April 2023. Similarly, the median dwelling rent rose by 18.2%, and the median house rent increased by 13% over the same period.

Several suburbs experienced significant growth in their median weekly dwelling rents in April:

Joondalup: Up 6.7% to $600

Aveley: Up 3.8% to $675

Spearwood: Up 3.5% to $600

Southern River: Up 3.5% to $750

Increased Rental Listings

There were 2,094 properties available for rent on at the end of April, marking a 13.2% increase from March 2024 and a 4.3% rise from April 2023. This uptick is notable as rental listings have predominantly stayed below 2,000 over the past two years.

Ms. Hart highlighted that this increase likely reflects new supply entering the market, including newly built homes owned by Eastern States investors and a substantial refurbishment project in Maylands adding over 100 apartments.

Median Leasing Times

The median leasing time for homes in April was 16 days, slightly longer than March but consistent with the same period last year. Suburbs with the fastest leasing times included:

Greenfields: Six days

Maddington, Dudley Park, Nollamara, Safety Bay: Nine days

West Leederville: Ten days

Thornlie: Twelve days

Joondalup, Palmyra, Piara Waters: Thirteen days

Perth’s Sales Market Overview

The sales market in Perth also showed positive trends in April. The median house price increased by 1.6% from March, reaching $630,000, which is a 14.5% rise from April 2023. Similarly, the median unit sale price rose by 2.7% to $426,000, a 6.5% year-on-year increase.

“The median house price is already at a record high, but there is the potential this year for the median unit price to exceed its previous high of $450,000 set in 2014,” noted Ms. Hart.

Suburbs witnessing the most significant house price growth included:

Floreat: Up 3.4% to $1,810,000

Golden Bay: Up 3.2% to $545,000

Joondalup: Up 2.8% to $725,000

Lesmurdie: Up 2.6% to $800,000

Scarborough: Up 2.4% to $1,024,000

Time on Market and Listings

In April, houses sold in a median of eight days, unchanged from March but notably faster than a year ago. Units sold in a median of 11 days, which is slower by a day compared to March but significantly quicker than the same period last year.

The number of active listings reached 3,636 by the end of April, slightly higher than March but significantly lower (by 43.6%) than the previous year. New listings, particularly for units, saw a rise, likely driven by the increasing unit prices and owners capitalizing on long-awaited capital growth.

Guidance and Advice

For clients navigating this dynamic market, our agency in Fremantle, Western Australia, is here to provide expert guidance and advice. Whether you’re a tenant seeking stability in rental prices or a property owner looking to capitalize on current market trends, we are equipped to help you make informed decisions.

Stay tuned for more updates and insights into the ever-evolving real estate landscape in Western Australia. For personalized advice and support, don’t hesitate to reach out to us.

This comprehensive overview provides valuable insights into the current state and trends of the rental market in Perth and broader Western Australia. Whether you’re renting or investing, understanding these dynamics is crucial for making informed decisions in the real estate market.

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