August has witnessed a splendid transformation in Perth's property landscape, with the median dwelling rent witnessing an appreciable rise. Let's delve deeper into the captivating insights, courtesy of REIWA.
Renting in Perth: The Numbers
After maintaining a consistent $550 per week since March, the median dwelling rent saw an upswing to a handsome $575 by the end of August.
Breaking it down, median house rents touched $600 while units came in at $550 per week.
REIWA CEO Cath Hart shed light on the scenario, mentioning the ongoing momentum of demand that has driven rental listings below the 1,700 mark. The scenario was even more pressing during Christmas and New Year, with listings plunging below 1,500.
"Supply has been grappling to match up with the soaring demand," Cath Hart remarked. Despite increased activity from the Eastern States and a spike in completions by builders, the supply-demand mismatch continues to be a challenge.
Star Performers: Suburbs in the Spotlight
Several suburbs led the pack in growth:
Erskine: Surged by an impressive 47% to reach $515 per week.
North Fremantle: Jumped by 38%, pegging the rent at $900.
Lathlain, Quinns Rocks, and Joondanna: Not far behind, their rents increased to $600, $700, and $600 respectively.
On the Sales Front: Perth's Rising House Prices
August ushered in another milestone. Perth's median house price climbed to a notable $562,550. Meanwhile, unit prices held their ground at $400,000.
Interestingly, Wannanup, Swan View, Nedlands, Warnbro, and Craigie were among the top-performing suburbs for house price growth. With Wannanup leading at a 4.1% increase, reaching a median of $619,000.
Moreover, the overall listings available for sale in Perth totaled 5,170 by August end, indicating a dynamic market with properties being snatched up quickly. Especially in areas like Greenfields, which is garnering high interest from Eastern State investors.
Tapping into the CoreLogic Insights
The CoreLogic home value index paints a promising picture for Perth. With a 0.9% upswing in August and a 2.9% increment over the past three months, Perth stands alongside Adelaide and Sydney as the only capitals registering growth over the past year.
Considering investing or simply interested in keeping up with the latest property trends in Perth? Stay tuned with Emerald Property Estate.
Note: All data and insights have been sourced from www.reiwa.com.
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