Perth rental market finally cooling off for first | Australian Markets

Perth’s staggering run of rental will increase has finally come to an finish, with median home rents dropping for the first time late 2021.

New Figures from the Real Estate Institute of WA reveals April rental price drop shaved 1.4 per cent off the weekly rent for homes – or $9.50 – to hit a median price of $680.

There have been solely two home rent price drops up to now eight years, with a $5 a week drop in November 2021 taking weekly rents o $440, and a $5 drop in November 2017 to dropping leases to $320 per week.

House are nonetheless renting for 4.6 per cent more – or an additional $30 per week – in comparison with April 2024, whereas items lease for $650 per week, which is up 8.3 per cent – or $50 a week – in comparison with a yr in the past.

Real Estate Institute of WA president Suzanne Brown forecast rents will fluctuate this yr

“With changing conditions in the market, we expect to see some movement up and down in the Perth median rent price over the coming months,” Ms Brown stated.

“However, results will differ from suburb to suburb. In suburbs where demand is high, median rent prices are likely to continue to increase. Median rent prices may decline in areas that are less popular or where there is an excess of supply. In these suburbs tenants may have more negotiating power than they have had in the past few years.

“Even within a suburb, one home may see a rent price increase, while another one nearby may need to have its asking price reduced in order to secure a tenant.”

It took a median 15 days to lease properties in April, unchanged from March however at some point quicker than a yr in the past.

The analysis additionally reveals Perth’s median home price elevated 1.1 per cent in April to $775,000, which is a stable 19.2 per cent larger than a yr in the past.

REIWA President Suzanne Brown stated sale outcomes different by suburb.

“While the majority of Perth suburbs continue to record increases in their median house sale price, some have shown stability over the past few months and a few are starting to record slight declines,” Ms Brown stated.

“We are occasionally hearing reports from members about properties being sold for less than the asking price but this depends on a number of factors such as location, presentation, realistic initial pricing and local levels of competition and buyer interest.”

The suburbs that noticed probably the most home price growth in April have been Applecross (up 3.8 per cent to $2,700,000), Duncraig (up 2.5 per cent to $1,240,000), Hillarys (up 2.3 per cent to $1,450,000), Padbury (up 2.2 per cent to $984,500) and Dianella (up 1.7 per cent to $936,000). Rockingham, Quinns Rocks, Falcon, Woodvale and Girrawheen have been additionally among the many prime performers, recording growth of 1.5 per cent or more over the month.