Perth's rental recovery is set to continue: Domain

Perth's rental recovery is set to continue: Domain
Perth's rental recovery is set to continue: Domain

House rents declined marginally from the three-and-a-half year high achieved last quarter, while unit rents held steady at $320 a week, the highest asking price since mid-2016, according to the June Quarter rental report from Domain.

Perth’s rental market has bounced back from the post-mining boom lull, with advertised rentals continuing to shrink, giving landlords ground to raise asking rents in certain areas.

Rental discounting has been concentrated in Perth's inner-city region, and now is time for those looking to move closer to search for a rental bargain.

June 2020 QoQ change for Perth rental prices

“Perth’s rental recovery looks set to continue. House rents declined marginally by $5 a week from the three-and-a-half year high achieved last quarter. Unit rents held steady at $320 a week, the highest asking rent since mid-2016.”

“The market has improved considerably from the post-mining boom lull. The number of advertised rentals continues to shrink, down 19 per cent from March and has dropped 32 per cent over the year. Tenants will find rental conditions have tightened. The number of vacant rental properties is steadily shrinking, providing landlords greater grounds to raise asking rents in certain areas.”

“During the height of the pandemic lockdown, rental discounting lifted marginally, although consistently fewer rentals are being discounted compared to last year. Discounts have been largely concentrated in Perth’s inner-city which has more plentiful apartment rental supply,” said Domain Senior Research Analyst, Dr Nicola Powell.

Tags: 
Perth Rent

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