State of the market – Westpac – Melbourne Institute
Recent data released by Westpac – Melbourne Institute has shown that consumer confidence in W.A. weakened in late 2015 on the back of job cut announcements and weaker mining conditions.
Population growth in the state fell with net overseas migration dropping by 37.3 per cent in 2015. Interstate migration numbers also declined significantly over the year. With the slowdown in population, the rental market suffered. As a result, Perth experienced a vacancy rate that reached a historically high 6 per cent in December 2015. It is anticipated that this vacancy rate will increase in 2016 due to the record number of dwellings that are due to be completed in the next two years.
The current vacancy rate is holding steady at 6 per cent. The overall median rent is $400 per week with units at $380 per week. As of the week ending 1 March, there were 5942 houses and 3823 units available to rent.