Perth market is being dominated by house and land packages. The metropolitan was not diverse enough to meet the needs of Perth residents. Although, the proportion of renters has been reasonably steady but the most tenants are preferably live in a typical house than units.
According to data from the REIWA, “The median rent in the city dropped by $10 to $450 per week.”
According to REIWA President David Airey blamed an over-supply of rental properties for the soft conditions.
Despite of the downturns, median rent increase. Due to the freed up more properties for rent and this is the reason why Perth’s current vacancy rate is now higher than average. Because of this slow-down in population growth and large numbers of renters taking advantage of very low interest rates. Houses are generally higher with a median $450 per week.