Global Power | Local Knowledge | Uniquely Personal
中文

High amount of rental propertie...

High amount of rental properties in Perth spark lower prices

Properties for rent in Perth have reached the highest level ever seen, with over 10,000 houses and flats available for all kinds of renters.

Figures have been provided by the Real Estate Institute of Western Australia (REIWA) and state that the amount of properties are three times higher than the expected long-term average, reports ABC Online.

As a result, the city has what's known as an oversupply of units and it is seeing prices in the market decrease.

This is good news for people who are looking to rent in the city itself, as the average rent is just $395 (£201) per week.

Speaking on this, REIWA president Hayden Groves said that the amount of properties available for rent have reached entirely new levels.

He said: "It really is quite startling. We are seeing rents fall, they will perhaps fall for the remainder of 2016 by a very small margin and that's mainly because our population growth has changed so dramatically."

Whatever the reason/s, people are looking to tenant flats and houses in Perth certainly have the upper hand when it comes to the price of the market.

Average house prices are looking more affordable in Perth too, as the median is set at around $520,000, which is 3.7 per cent less than in the last quarter of 2015.

Mr Groves has commented that the reason for this is that there has been an upshot in buying activity in the lower end of the market.

This means to say that more people are buying lower prices properties, rather than in expensive real estate. According to him, most people seem to be buying properties for less than $420,000.

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

Subscribe Now