Perth's highest residential landlord vacancy rate since 2009

Perth's highest residential landlord vacancy rate since 2009
Perth's highest residential landlord vacancy rate since 2009’s latest preliminary data shows Perth's residential vacancy rate has risen to 4.9 per cent in the past three months to May as the number of properties for lease increased. 

This is the highest vacancy rate in six years, after it reached 4.8 per cent in the September quarter of 2009. 

There are now 8,147 homes available for tenants, up by almost 600 over the last month. 

top suburbs - Available Rentals

Perth 236

East Perth 225

Baldivis 176

Scarborough 167

REIWA President David Airey said the slowdown in Western Australia’s population growth rate had created the oversupply, along with a significant newly constructed dwellings coming to completion. 

“The competition among property owners is having an effect on price, with the metropolitan median rent dropping by five dollars on the March quarter to $425 per week, which represents a cut of $25 on the same time last year,” Mr Airey said. 

Perth’s median rent peaked at $475 per week in the middle of 2013, but has since fallen by $50, or around 10 per cent, across the board. 

“The long term equilibrium for Perth’s vacancy rate is three per cent, so the current situation means there is over 50 per cent more properties on the market than is usual,” Mr Airey said. 

The City of Belmont saw the biggest individual drop, with its local rental median falling from $450 per week to $425 per week between April and May. 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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