Perth, where sun and good times intertwine, where you’re never too far from a beach and the sunsets are simply something else.
Always developing, yet still somehow laidback, Perth is a magical and enviable geographical location which many lucky people call home.
It makes sense that the Perth rental and property market can be tightly held, especially with people flocking (as much as they can) back home due to our tough, but constructive control on the pandemic.
So, why is Perth still the best place to rent compared to other Australian capital cities?
Read more from Pro Property Group to find out.
The end of 2020 Perth rental statistics
The lack of supply of rentals in Western Australia in 2020 put the rental market under pressure.
In November 2020, REIWA revealed only 2889 properties were available, excessively down (52% in fact) from November 2019.
What happened?
In November 2020 the average weekly rent increased $10 to $390 per week, with median house rent being $400 per week, and units at $360.
Median weekly rents remained stable over the last few years, making Perth still the most affordable capital city to rent in across Australia.
It’s determined by the proportion of family income required to meet the median rent, which in Perth, is 17%. The ACT is the next affordable state or territory, sitting at 19.1%.
How are our eastern counterparts going for rental affordability?
In simple terms, not good and not below 20% of family income.
- Victoria 22.4%,
- Queensland 21.6%, and
- NSW a large 28.4% of family income to meet median rent.
Talk to a Property Management agency to see where you stand, as tenant or landlord, in the rental market for the year ahead.
What’s to come in 2021?
We can definitely expect rents to increase throughout 2021 due to the changes in supply, demand and the anticipated end of the moratorium on rent increase at the end of March 2021.
It’s believed that although to increase, anxious tenants and prospective tenants shouldn’t worry, as prices are not likely to reach eastern state and territory levels.
A long-awaited return to affordability, when compared to other capital cities, and the same, laid-back lifestyle that Perth is known and loved for is on the cards for 2021.
Don’t hesitate to strategise or advertise your rental property in Perth if you’re a landlord, or source your dream rental property if you’re a prospective tenant with the help of Pro Property Group.
The property management Leederville team you can trust
Whether it’s close to work, within a vibrant location or close to family, friends and an envious lifestyle – there’s a property to buy or rent that’s calling you.
From residential to commercial buying, selling or leasing, Pro Property Group is the Leederville real estate agency for you.
Pro Property Group are the Perth property management and real estate agency in Leederville you can trust to find the right tenant or right property for you.
We work with landlords and tenants alike, transparently and whole-heartedly to meet and exceed property expectations.
Need help with property management in Perth? Contact Pro Property Group, the Leederville real estate agency who knows the Perth property market and how it will affect you.
