The Domain Group’s quarterly Rental Report, released today, shows weekly house rents grew 1.4 per cent to $355 last quarter. This is the first time that Perth house rent prices have increased in close to five years. Perth is still the most affordable market for houses, units are still one of the most affordable in the country.
It would appear the oversupply of rental properties in the housing market has finally been taken up and the market is now less skewed to renters. As rents increase we may see an increase in investor activity although APRA’s recent tightening of policy has been aimed at stemming the activity in this area, which may restrict any upsurge in investment.
Housing in Perth will be an interesting space to watch for the rest of the year.