As we talked about in our recent quarterly report, Perth’s rental market has remained pretty steady since 2017, mostly avoiding the fluctuation experienced on the sales side.
But while we’re seeing a fairly strong picture overall, there are naturally stronger and weaker pockets.
Here’s what CoreLogic’s annual Best of the Best report has to say about Perth’s best suburbs for rentals in 2019. Here are some Perth suburbs that made it into the CoreLogic lists and why.
This tiny suburb tucked just beneath Osborne Park is well out-performing its 0.7km² size, topping the list for the highest gross rental yield for units within 10km of the capital city.
Rental yields here are recorded as 6.5% in 2019, likely influenced by convenient transport, access to Lake Monger Reserve and Herdsman Lake, as well as proximity to nearby shopping precincts.
Glendalough also makes an appearance on the highest gross rental yields overall, coming in at number 5.
With Glendalough seeing great results, it makes sense that its neighbour sharing the same amenities also benefits from the same effects on rental yield. A yield of 6.1% just brings it into the top 10 for highest gross rental yield for units overall and to the number 2 position for highest gross yield within 10km from the city.
Our most recent market report shows that yield is currently low in this premium beachside suburb, sitting under 2% at the end of last year, but the CoreLogic report shows that it fared a little better across the course of the year with an average of 3.3% for units and 2.4% for houses.
This is on par with what we often see for prestige locations, but Cottesloe’s main strength comes from its asking price. The report shows that Cottesloe is home to Perth’s highest median advertised rent for houses, at $963 a week, and the second-highest for units at $500 per week.
On the southern banks of the Swan River, Belmont combines nature and convenience to land at number 4 on the list of highest yield within 10kms from the city for units at 6.1%. Airport proximity is a big drawcard here, while buses connecting to nearby train stations are an easy option too.
A little further from the CBD but still worth a mention is Maddington, which is performing well for affordability, at number 4 on the list of lowest median rent for units at $240 per week. This also comes with a 6.4% rental yield, meaning great bang for buck for landlords in the area.
There’s great value for tenants in Maddington, such as this 4-bedroom property we’re currently renting for $350 per week.
Rounding out the top 3 for highest gross rental yield for units within 10kms of the capital is Noranda, with a 6.1% yield that ties with that of Osborne Park. This is a great place for young professionals, students and families who enjoy homes like this 4-bedroom we’re renting for $470 per week.
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