Rental property prices in Perth show slight growth in March quarter
The March quarter showed a small rise for rental property weekly rents in Perth.
A 4.4 per cent increase brought the median rent to $470 per week, bringing the total increase from the previous year up by 12 per cent, according to the Real Estate Institute of Western Australia (REIWA).
According to REIWA president David Airey, the rise in asking rents during the quarter was caused by increases for flats, units, apartments and villas.
This was surprising, he said, because the number of rental properties for lease increased by more than 50 per cent in the six months leading up to March.
"Equally surprising was the rise in properties for lease through the March quarter itself because this is traditionally a period of high demand that usually causes a seasonal dip in the vacancy rate," Mr Airey said.
According to data from the Australian Bureau of Statistics, Perth was the fastest growing capital city in Australia in 2011-12, with a population growth of 3.6 per cent in that time.
"With the long-term equilibrium in Perth being a vacancy rate of three per cent, it seems things are trending towards normal despite some pockets of greater demand where competition is nudging up prices," concluded Mr Airey.