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WA House rents stable



Characterising much of 2012 for WA was a relatively tight rental market, which left many property seekers asking the question of whether to rent or buy.  The latest rental data from the Real Estate Institute of Western Australia shows that in the 3 months to January there was a 13 per cent climb in the number of new leases from the December quarter.


Median rent remains stable

The current data show that Perth’s overall median rent remains stable at $450 per week, however the median specifically for houses has risen by $10 to $470 per week.

Median rents for units, apartments, villas and townhouses remain unchanged at $420 per week.

The March quarter is traditionally the busiest time of the year in the rental sector, but this year the vacancy rate seems to be stable at around 1.9 per cent and the median rent is also sitting still.

 

Positive news for first home buyers and investors

The large number of people leaving the rental system to buy their first home might be a contributing factor in helping to ease the vacancy rate.

However, it may also be due to the return of some investors who are adding stock to the rental supply.

Stable house prices, low interest rates and the ongoing demand by tenants mean that rental yields are now more attractive to investors who have been absent from the market in recent years.