Perth rental market update – May 2016

The latest rental market numbers were released by REIWA last week and they showed that rents have fallen slightly.

The first three months of the year saw 9658 properties available to rent. That’s an increase of 5 per cent on December’s figures. The vacancy rate fell from 6 per cent to 5.6 per cent (Rentwest continues to maintain an average of 3 per cent vacancy rate), while the median house price fell to $400 per week. Unit rents held steady at $380 per week.

Domain Group also released their March report, which showed two suburbs – Murdoch and Crawley – recording significant house rent growth of 19.6 per cent and 19.1 per cent respectively.

Fastest growing annual house rents

Suburb Median Rent Growth
Murdoch $428 19.6%
Crawley $698 19.1%
Trigg $695 6.9%
Cottesloe $900 5.9%
North Coogee $750 4.6%
Swanbourne $875 4.2%
Mount Pleasant $570 3.6%
Gwelup $650 2.4%
Ashby $420 1.2%
Alexander Heights $430 1.2%

Source: Dr Andrew Wilson, Domain Group
Figures for March Quarter