PROPERTY
‘Chronic’: Rent rises faster in Perth than any other capital
Perth is still in a chronic rental shortage, with prices rising faster than any other capital city in Australia over the March quarter, according to new Cotality research.
The latest rental snapshot shows Perth’s $761 weekly median rent is currently the second-most expensive in the country, behind Sydney’s $824 weekly rent.
Perth’s median dwelling rents have grown 3 per cent over the quarter, which was the fastest growth in the nation, above the national median of 2.1 per cent growth. When assessed alone, Perth’s house rents rose 2.8 per cent and units by 3.7 per cent.
Perth vacancy remains slightly below the 1.6 per cent national average but it is the only capital where the rate has remained steady, with the rest of the country experiencing a further tightening over the past year.