Perth house rents increase annually for the first time in 5 years: Domain
Perth house rents increased annually for the first time in half a decade, according to the latest research from Domain.
House rents increased 2.9 per cent over the quarter and year to $360 per week, while rental yields increased 1.2 per cent over the quarter and 5.5 per cent over the year to 4.34 per cent.
Unit rents remained steady over the quarter and year at $300 per week.
Unit rental yields however, improved 2.7 per cent over the quarter and 9.0 per cent over the year to 4.75 per cent.
Domain research analyst, Dr Nicola Powell said all signs point to a turnaround in Perth’s rental market.
"Demand for rental accommodation will be supported by an improving jobs market and local economy, giving residents greater incentive to stay and new residents reason to relocate west.”
“As 2018 unfolded, Perth began to experience a broad tightening of the rental market. The key drivers were fewer rental listings, slowing construction of new apartments and stable population growth. If this continues, competition between tenants may start to emerge, which has most likely already begun for house rentals. Investors will find Perth a more attractive option as they seek better yields and growth prospects, particularly given falling property prices in the east coast,” she concluded.
