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The Pom Queen

Perths Rental Market

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Following a lengthy period of falling rents and sharply rising vacancy rates, early signs are now emerging that the Perth rental market may be steadying.

Latest Domain data reports that the median asking rent for a Perth house over April remained at $360 per week, the same as reported over the previous month. Although steady over the month, Perth house rents are 10.0 per cent lower than recorded over April 2016.

 

perthrentsmay18

Median asking rents for units were also steady at $300 per week over the month but similar to house rents have fallen sharply over the past year – down by 14.3 per cent.

Similar to rents, Perth vacancy rates have also stabilised over April at 3.9 per cent for houses and for units down from 4.2 percent recorded over March to 4.1 per cent. Total vacancy rates for both houses and units combined fell to 3.9 per cent over the month which was the lowest result since March 2016.

Although rents and vacancy rates have steadied over the past month, Perth remains the most tenant-friendly mainland capital with relatively low rents and a wide choice of available homes. By contrast, vacancy rates in most other capitals are generally tight and tightening for both houses and units.

Sydney remains the most expensive capital for tenants with a median asking weekly rent over April of $550 for both units and houses. This is an increase of 3.8 per cent for each over the past year and 52.8 per cent higher than Perth for houses and remarkably 83.3 per cent higher for units.

 

Dr Andrew Wilson is Domain Group Chief Economist 


If you are depressed you are living in the past. If you are anxious you are living in the future. If you are at peace you are living in the present.

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Hopefully the property market will stabilise over the coming months...


AITSL assessment complete-09/10/2014 | IELTS L8.5, R8, W8.5, S8.5. -13/12/2014 | EOI submitted 07/01/2015 (65) invite 09/01/2015 | 189 Visa applied - 10/01/2015 | Meds -20/02/2015 | PCC-08/03/2015 | Visa granted! - 20/03/2015.

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18 minutes ago, benj1980 said:

Hopefully the property market will stabilise over the coming months...

Hopefully for who? There are always winners and losers.

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For the people who have bought a property and are in negative equity? If people have recently bought and could make a few bob good luck to them! I guess the majority of people would like a stable house market in any case. You disagree?


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3 hours ago, benj1980 said:

For the people who have bought a property and are in negative equity? If people have recently bought and could make a few bob good luck to them! I guess the majority of people would like a stable house market in any case. You disagree?

Yes, but there was a point when Perth housing was as expensive as Sydney. It was pretty obvious that was never going to be the case for long. Perth is just starting to become affordable which is a good thing. Sydney is the market you need worry about.

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Perth has a way to go yet. The question being just how far? Nobody can answer that. The economy is shot to pieces but still those in 'the industry' claim there's never been a better time to buy.

Far too little challenges on the forces wanting to maintain the status quo..  

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4 hours ago, Pura Vida said:

Perth has a way to go yet. The question being just how far? Nobody can answer that. The economy is shot to pieces but still those in 'the industry' claim there's never been a better time to buy.

Far too little challenges on the forces wanting to maintain the status quo..  

I agree, can only see it continuing to drop for the next 12 months.  I regularly see break lease notifications & properties available for rent in an Irish in Perth facebook group.  A small barometer, but 1 still the same.  Stil a lot of for sal and for lease signs around.

I am a very well qualified professional and have been 3 months looking for work, I know of other well qualified professionals (different skillsets) who are 9 months out of work.

I have altered my view on property in recent years.  I was always a free marketeer but when it comes to people's homes I would like to see the RBA, APRA etc try to contain price rises to inflation or <5% pa to remove the panic from housing markets.  Getting rid of negative gearing and capital gains tax loopholes would be a good start.   

Experience tells us the bigger the boom the bigger the bust.  Irish house prices are still below the peak of 2007.

APRA have started putting restrictions on the banks regarding investment lending and we should start seeing the impact of that coming through.

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I don't see anything happening in the WA economy to suggest the housing market is going to pick up anytime soon. The population is still shrinking and more skilled workers are leaving Perth than there are moving in. The Perth of just now is a sign of the next 5 years in my opinion. The boom created a false economy, banks were throwing out cash and people were blind sighted and getting carried away like the good times were never going to end. I bought a house in the peak but I am quite enjoying the more 'normal' Perth now.

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On 2017-5-30 at 11:02, newjez said:

Yes, but there was a point when Perth housing was as expensive as Sydney. It was pretty obvious that was never going to be the case for long. Perth is just starting to become affordable which is a good thing. Sydney is the market you need worry about.

Well I don't have to worry about it as I don't live there!


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7 hours ago, benj1980 said:

Well I don't have to worry about it as I don't live there!

There could be shock waves.

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1 hour ago, newjez said:

There could be shock waves.

I thought I lived in the most isolated city in the world?!


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Why would it stabilise? There is no one up North working.. There in Perth working if there lucky in a hotel or shop working for a pittance 

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On the topic of Perth rentals, given that it's still a buyers/renters market, I presume its acceptable to haggle on the weekly rental price offered with properties, as you would with a sale price of a property?  Obviously it's at the landlords discretion but I just wanted to know if it's the norm that people haggle on the weekly rental prices when securing a long term rental?

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13 hours ago, brock79 said:

On the topic of Perth rentals, given that it's still a buyers/renters market, I presume its acceptable to haggle on the weekly rental price offered with properties, as you would with a sale price of a property?  Obviously it's at the landlords discretion but I just wanted to know if it's the norm that people haggle on the weekly rental prices when securing a long term rental?

Absolutely, espeically if it has been on the market for a while but you want a good relationship with your landlord so a cheeky 10% under asking may be worth it. 

I rent privately from the owner, he was open to a lower rent, I asked him to put aircon in which he did so I think I am doing ok.  It was a reasonable rent for the house to begin with, he comes every fortnight to do the gardening and any minor issue gets resolved quickly.  He is happy to have a good tenant and I am happy with a low maintainence nice property in a great area.

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4 hours ago, Collie said:

Absolutely, espeically if it has been on the market for a while but you want a good relationship with your landlord so a cheeky 10% under asking may be worth it. 

I rent privately from the owner, he was open to a lower rent, I asked him to put aircon in which he did so I think I am doing ok.  It was a reasonable rent for the house to begin with, he comes every fortnight to do the gardening and any minor issue gets resolved quickly.  He is happy to have a good tenant and I am happy with a low maintainence nice property in a great area.

I thought that would be the case, thanks.  Sounds like you've got a good deal and relationship with your landlord too.

Cheers.  :) 

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