Perth Rents Soar as Vacancy Rates Plummet
Australia’s fourth most populous city is experiencing stunning growth in its rental market, making it a more promising prospect for investment property than ever. The latest figures on Perth’s rental activity reveals that rents are soaring and new supply is being rapidly outpaced by growth in demand.
New Supply Being Outpaced by Demand Growth
Figures released by the Real Estate Institute of Western Australia (‘REIWA’) for the September quarter have shown that new rental leases increased by 6 per cent in the three months to September.
Although new housing stock was released into the rental market rather than being sold, this additional stock was quickly absorbed by strong rental demand, with the number of properties available for lease falling by 20 per cent or from 3,600 to 2,800.