West Australia’s Rental Market on the Up

The RP Data September quarter Rent Review Report released today shows good news for investors with rental markets in Perth and regional areas, revealing rental rates remained positive in Western Australia during the September quarter.

In the five years to June 2010 the greatest level of growth in median advertised rents was recorded in Perth with house rents increasing a total of 68.9 per cent and unit rents climbing 83.3 per cent higher.

It was also found that the unit rental market has been outperforming houses, two bedroom unit rents have been flat compared to one bedroom rents having increased by 1.6%. These results reflect a growth in demand for units as lifestyle preferences change and affordability pressures increase.

Over the last quarter, the Pilbara region of Western Australia has remained the most expensive regional market for house rents ($1,500/week). This high rental rate is typical of resource intensive locations where housing is in very short supply.

In the South West rentals of median houses were up 1.7 per cent at $300 per week.

Whilst the report shows a rent increase over the last 12 months, the increase has not hit record highs. In many instances rents have now returned, or are very close to returning to, previously established high levels.