RENTAL CRISIS

 Perth's median dwelling rent remained stable at $600 per week in December. This was 15.4% higher than the same time last year. (Interesting as we are getting anywhere from $550 to $700 per week for our apartments in Mosman Park)

The median weekly rent for houses rose to $620 a 1.5% increase from November and 12.7% higher than December 2022. The median unit rent also rose up by 3.6% over the month and 20% over the year to $570 per week.

To give you an idea of what we are achieving for our one bedrooms: $400 and up to $480 per week depending on if it's renovated, furnished etc.

Two bedrooms anywhere from $550 to $700 per week again depending on if it's renovated, furnished etc.

WA's growing population is fueling demand for rentals as well as established homes. As there is limited supply and high demand, the price rises are the outcome. 

We are still experiencing big numbers at the home opens and multiple applications and for the property managers who have to go through them they generally pick up the top five to work on.

There is 1,518 properties available for rent which is a 21% decrease from November but 5% higher than December 2022.

All I can say is that the investors are not finally starting to see a reasonable return on their investment although everything else has gone up for them, rates, strata levies, water rates, interest rates.

But we are achieving such good prices for our investors right now.

If you are thinking about investing in apartments one bedroom apartments are still just under the $300,000 and two bedrooms under the $430,000. 

Call us if you need any assistance.

    MAKE YOUR OWN DECISIONS & GIVE IT A REAL GO!!

SELLING MOSMAN PARK & THE WESTERN SUBURBS!!

KEEPING IT REAL IS OUR MOTTO!!