Not all bad news for local renters

Not all bad news for local renters

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Maddington, Piara Waters and Thornlie were among Perth suburbs recording the fastest median leasing times, while Southern River was one of the suburbs that saw the most growth in their weekly dwelling price, according to the latest data from the Real Estate Institute of Western Australia (REIWA).

But it’s not all bad news for WA tenants, Perth’s median rent prices remained stable in April.

The median weekly dwelling and house rents were $650, unchanged from March. The median unit rent held steady at $600 per week.

There were 2,094 properties available for rent on www.reiwa.com at the end of April. This was 13.2 per cent higher than March and 4.3 per cent higher than the same time last year.

“In a constant climate of rising rents, this is very welcome news,” REIWA CEO Cath Hart said.

“We do expect rents to continue to rise over 2024, but the rate of growth has been slowing and there are signs demand is easing at the higher end of the market.”
Despite the stability in April, rents grew strongly year-on-year.

The median unit rent recorded the most growth, up 20.0 per cent since April 2023. The median dwelling rent rose 18.2 per cent over same period, while the median house rent rose 13.0 per cent.

According to www.reiwa.com data, the suburbs that saw the most growth in their median weekly dwelling rent price in April were Subiaco (up 7.1 per cent to $750), Joondalup (up 6.7 per cent to $600), Aveley (up 3.8 per cent to $675), Spearwood (up 3.5 per cent to $600) and Southern River (up 3.5 per cent to $750).

www.reiwa.com data showed the suburbs recording the fastest median leasing times were Greenfields (six days); Maddington, Dudley Park, Nollamara and Safety Bay (nine days); West Leederville (10 days); Thornlie (12 days); and Joondalup, Palmyra and Piara Waters (13 days).

The Perth median house sale price continued its rise in April, up 1.6 per cent on the $620,000 reported at the end of March to $630,000. This was 14.5 per cent higher than April 2023.

Houses sold in a median of eight days in April, unchanged from March and six days faster than April 2023.

Units sold in a median of 11 days, one day slower than March but 16 days faster than a year ago.

According to www.reiwa.com data, the fastest selling suburbs in April were Camillo, High Wycombe and Lakelands (four days); and Alkimos, Dayton, Golden Bay, Kenwick, Maylands, Palmyra and Wellard (five days).