HALF the suburbs to make the top 10 Perth suburbs for rental growth for houses in the past year are in the Swan local government area, according to CoreLogic data.
The data (see table below) shows Middle Swan up 15.9 per cent and a median rent of $640 topped the list for the top 10 Perth suburbs for rental growth.
Midvale with an annual change of 13.7 per cent and a median rent of $682 was third, Stratton up 13.4 per cent and with a median rent of $642 was sixth, Lockridge also up 13.4 per cent and with a median rent of $629 was seventh and Swan View up 13.3 per cent and with a median rent of $639 was eighth.
The CoreLogic quarterly rental review released earlier this month said out of all the capitals Perth (8.1 per cent or $52 per week over the year) recorded the biggest 12-month increase in rents.
“Sydney maintained its position as the country’s most expensive rental capital, with a median weekly rental value of $773,’’ the quarterly rental review said.
“Stronger rent rises saw Perth take out the second spot at $695 p/w, overtaking Canberra at $667 p/w.’’
The quarterly rental review said gross rental yields for metropolitan Perth fell 30 basis points over the year from 4.5 per cent to 4.2 per cent.
REIWA chief executive officer Cath Hart said while the market eased over 2024, rent prices still set new records.
The median dwelling rent hit a new high of $650 per week in April, but remained stable for the remainder of the year.
REIWA chief executive officer Cath Hart said it was 8.3 per cent higher than at the end of 2023.
The median weekly house rent was at a record $670 at the end of 2024.
“This was 3.1 per cent higher than at the end of the September quarter and 8.1 per cent higher year-on-year,’’ she said.
Ms Hart said more rent price growth was likely in 2025, but the growth rate was expected to be lower than last year.
“In the Perth rental market, we are likely to see more periods of rent price stability,” she said.
“We expect the pressure in the rental market to continue to ease as more investor-owned new builds currently under construction are completed.
“However, with Eastern States investor activity declining, we are not expecting a surge in new supply towards the latter part of the year.
“With the changes seen in 2024, the vacancy rate is likely to continue its upward trend and we should reach a more balanced market sometime in 2025.
“The greatest demand for rental properties is likely to be for homes closer to the CBD, lifestyle hubs and key transport infrastructure.
“Areas on the outskirts of Perth, particularly where there is a lot of new supply, may see rent price growth soften.”
