June quarter figures are out from Australian Property Monitors (APM) and they confirm what most of us knew already: the Perth rental market is tight and getting tighter. Median weekly house rents have risen markedly over the quarter to $430, up 7.5%. Unit rents have also climbed to $380, up 8.6%.
“These rises will likely continue with Western Australia’s population set to grow by over 3% in 2012, placing upward price pressure on a Perth rental market already characterised by a shortage of accommodation,” says Dr Andrew Wilson, Senior Economist with APM.
Further adding to the belief that WA is the place to be for property investors, a survey conducted by NAB suggests that WA rents are expected to rise 5% over the next year, which is good news for our owners.
So what do the Rentwest team think? We asked Karri George, Property Manager for the CBD and lower northern suburbs, to give us her view. “Recent properties available in the western suburbs and venturing further north to areas like Tuart Hill are experiencing high demand,” says Karri. “Many discerning tenants are seeking good, clean properties with modern amenities. There are queues of people attending recent home opens with not enough properties to go around.”