2023-05-26 19:30:00
Tenants from Balga to Claremont are paying up to $10,000 a year in extra rent this year, according to Proptrack research.
New research by Proptrack shows strong demand and a “very limited supply” of properties in all socio-economic sectors of the market.
The research shows rents have soared up to $178 per week for a house in Claremont over the past year, to take the weekly price to $973.
This is followed by East Perth, with a $173 increase in median weekly house rent of $763, and then Wembley Downs, where a $150 weekly rise has taken the median to $850.
While the ten suburbs to sustain the biggest rent increases for houses are in WA’s premier suburbs, suburbs with skyrocketing rents for units are spread across a broader range of socio-economic areas.
The biggest unit increase is in the top tier suburbs of South Fremantle with a $140 weekly price increase to $640, followed by North Coogee (up $90 a week to $550) Jolimont, (up $85 a week to $425) and North Fremantle (Up $78 a week to $700).
But units in cheaper areas were also heavily slugged, including Maddington (Up $75 to $398) Balga (Up $70 a week to $420) Dianella (Up $70 a week to $420) Joondanna (Up $70 a week to $440) Scarborough (Up $70 week to $520) and Applecross (Up $60 to $520).
PropTrack Economist Angus Moore said tenants in these areas were more likely to be affected by the changes, considering they probably have smaller discretionary incomes and spend a bigger portion of their pay on rent.
He said the sharp hikes were in part due to a tight rental vacancy rate of just under one per cent.
“That’s extremely tight – the highest of all capital cities after Adelaide – and that will see rents increase across the board,” he said.
Mr Moore said Perth had increased about nine per cent in the past year, against a regular average of two to four per cent. He claims there was no relief in sight.
“There is no comfort in the near term, as the rental market will remain competitive and we will continue to see increases,” he said.
There are only 2074 rentals available in Perth this week, compared to 2362 in the same week last year. The median rent is $550 per week, compared to $320 weekly in 2018.
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Source by [earlynews24.com]
