RENTS STILL CONTINUES TO RISE

 Rental prices nationwide have continued to rise during the March quarter increasing by 1.7% to $654 per week for all homes, (according to CoreLogic).

Hobart reported the highest quarterly rental increase at 2.3% rising to $574 per week, followed closely by Perth at 2.2% reaching $710 per week (let's face it we are only interested in this one) and Brisbane with a 1.9% increase to $670 weekly.

As much as everyone speaks about over East, I am only interested in what's happening here in Perth.

What I have noticed is that the units have jumped up quite considerably in the last year, one-bedroom units have jumped up from being $250 per week up to $550 depending on if they are furnished or not.  Two bedrooms are now rising to $650-$700 per depending again on location, views, etc. (this is in Mosman Park)

However, CoreLogic is saying that across the capital cities, Perth saw the most significant increase in house rent, up 2% to $720 per week, while units in the Western Australian capital saw a 3.3% increase to $653 weekly rent.

In comparison, units in Melbourne saw a 1.6% rise to $653 weekly rent.

Adelaid was the only market to record a stronger rental growth in Q, with house rentals increasing by 1.9% compared to 1.2% growth for units.

Sydney remained the most expensive (surprise surprise) rental market across both property types, reaching a median weekly rent of $816 for houses and $723 for units, recording a 0.8% and a 2.4 % increase respectively.

Canberra remained the second most expensive capital for house rents but will soon by overthrown by Perth (Yay!!)

Despite recording the highest rental growth across the nation, Hobart remained the most affordable capital for all dwellings, with a m4edian rental price of $590 per week for houses and $497 for units.

The rental yields rose by 0.7% over the march quarter, reaching 3.7% - the highest since October 2019 and 118 bases points above the five-year average of 3.56%.

On the other end of the spectrum, Perth recorded the highest yield increase with basis points, from 4.25% to 4.34%, closely followed by Hobart (+7 basis points to 4.43%, Brisbane (+5 basis points to 3.67%) and Sydney (+4 basis points to 3.08%).

The CoreLogic report showed that despite rental prices increasing by 38.4% over the past five years, a significant rise in net yields is unlikely anytime soon, especially as annual rent growth continues to slow.

Additionally, households have been spending more income on rent than ever, prompting renters - especially in capital cities - to form larger households.

At the same time, net overseas migration has eased, falling over 30% from its peak to around 380,000 i he year to September 2024.

CoreLogic also reported that advertised rental listing remain significantly below average despite softer demand.

The mere fact here is in Perth its first in best dressed as long as you are working !!!

Make yourself known to your local real estate agents, do up a letter of introduction about who you are, who your dog is etc.

Good luck out there cant last forever but cant see it stopping anytime soon.

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

SELLING MOSMAN PARK & THE WESTERN SUBURBS!!

KEEPING IT REAL IS OUR MOTTO !!