REIWA says rental stock in Perth at its lowest level in 12 years

Perth’s rental crisis has sunk to a new low, with the number of homes available for lease falling to their lowest level in more than a decade.

The latest data from the Real Estate Institute of WA shows the number of rental properties on the market at the end of September sitting at 1675 — with a median rent of $495 a week.

REIWA president Damian Collins told The West Australian that the last time stocks were lower was in November 2010 when there were just 1537 homes for rent.

He said the increase in weekly rents was a reflection of the tight market.

“It is not surprising that rent prices have increased given that listings are at a 12-year low,” he said.

“Unfortunately, rents will continue to rise until we see more rental properties come on to the market.”

According to the data, it took about 16 days for rental properties to be snapped up during September, the same as August.

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The fastest leasing suburbs were Maddington (seven days), Tapping (eight days), Byford (nine days), Tuart Hill (nine days) and Piara Waters (nine days). Other suburbs to record fast leasing times were Greenfields, Warnbro, Yanchep, Joondanna and Gosnells.

“There are clearly challenges in the rental market, however we have the most affordable housing climate in the country, an enviable lifestyle, plentiful job opportunities and a strong economy making our State a very attractive option for people wishing to move here,” Mr Collins said.

He said house prices in Perth also fell slightly — by 0.04 per cent last month, according to the latest CoreLogic home report.

Camera IconDamian Collins, president of REIWA. Credit: REIWA/supplied

Mr Collins said despite this our city remained in a better position than others because of strong buyer demand.

“Despite the decline in overall home values, our data revealed there were a number of Perth suburbs to record strong house price growth,” Mr Collins said.

“WA is still in an excellent position for price growth with our strong economy, growing population and limited stock levels.”

The five suburbs to record the biggest increase in price during September were Singleton (up 3.9 per cent to $535,000), Ocean Reef (2.8 per cent to $915,000), Beckenham (2.7 per cent to $467,500), Bibra Lake (2.7 per cent to $610,000) and South Perth (2.5 per cent to $1.55 million).

Other suburbs to perform well were Falcon, Safety Bay, Dawesville, Bullsbrook and Melville.

However, there were only 8040 properties listed for sale on at the end of September, which was down 1.8 per cent compared with August.

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