Perth rents continue to drop

Wellstead Team Latest News 23rd June, 2015 No Comments

The vacancy rate in Perth currently sits at 4.9% with a total of 8,147 vacancies and is set to increase further when the total vacancies in Perth increases to 8,500 properties. This is 39.9% increase on the 5,824 vacancies in the June 2014 quarter.

This has seen a decrease in Perth’s median rent which is now at $425 per week. 10% down or $50 down from the peak rent of $475 per week in June 2013. The areas most affected are in the southwest region including Cockburn, Kwinana and Rockingham aswell as the City of Belmont in the eastern region.

Demand for rentals has decreased in the second quarter of 2015 and is set to decrease further due to seasonal demands.