Perth tenants in the rental driver’s seat
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Perth tenants in the rental driver’s seat
Posted on Wednesday, November 18 2015 at 1:40 PM
The latest Real Estate Institute of Western Australia (REIWA) analysis shows rents in metro suburbs fell again during the third quarter 2015.
Damian Collins, president of
REIWA, says Perth’s overall median rent price of $400 reflects a fall of $20
over the quarter and $50 for the year to September.
“When we break this down
further we see that the median house rent price is $420 per week, a drop of $10
over the quarter and $30 for the year to September, while the median unit rent
price is $395 per week, which is a decline of $5 over the quarter and $35 when
compared to the year to September.”
The biggest drops were seen
in Wanneroo South, Belmont and Stirling East.
While this isn’t great news
for landlords, improved affordability is a positive for tenants, Collins says.
He predicts softening to
continue in the near future, but is more bullish about the city’s long-term
prospects.
“As more large scale
multi-residential developments come onto the market, we will see an increase of
rental stock in the short-term providing tenants with plenty of choice, however
over the long term, with population trends forecast to increase, the Perth
rental market should adjust.”
Collins recommends landlords take time to assess their portfolio to ensure
their holdings are attractive to tenants.
“REIWA members are reporting
that while overall enquiries had dropped off, well-presented properties at
realistic prices are still being leased.
“They also reported that
properties that offer better amenities like air conditioning are in a better
position to find good tenants.”
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