Market Update: October 2023

Perth's rental market continues to hold its position as one of the tightest in the country. Impressively, Perth's median weekly rent surged by 6.8%, reaching $550 for three-bedroom houses and $500 for units, marking the highest increase among all capital cities. Sydney followed with a growth rate of 4.8%. Although the number of available rentals remains relatively stable compared to the previous year, it's essential to note that Western Australia is experiencing rapid growth, outpacing all other states and territories, as reported by the Australian Bureau of Statistics (ABS).

Our team successfully facilitated 38 leases for new tenants, whom we warmly welcomed last month. However, it's essential to emphasise the persistent gap between demand and supply, as evidenced by the staggering 562 applications received for our available properties. We're pleased to assist our clients in harnessing these market conditions, boasting an average rental price of $632 for all dwelling types. However, we are equally committed to supporting tenants who continue to face the pressures of this competitive market and would welcome an opportunity to speak with new and current investors looking to enter or maximise their position in the rental market.