From: http://www.abc.net.au/news/2015- ... s-drop/6605778Perth
residential rental prices continue to drop
By Gian De Poloni
Updated July 09, 2015 09:24:08
Photo: A weakened resources sector is being blamed for the drop in Perth rental prices. (ABC News: Kathleen Dyett)
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Map: Perth 6000
The average cost of renting a house in Perth has dropped 4.4 per cent in the past three months, according to figures released by real estate marketing group Domain.
The median rent dropped to $430 in the three months to June 2015, compared to the $450 a week tenants were paying in the first three months of the year.
Unit rental prices in Perth have also dropped, from $385 in the March 2015 quarter to $375 in the June quarter.
All figures are based on properties listed with the group in the past three months.
A weakened resources sector and an increase in housing supply has led to substantial drops in the cost of renting in WA over the past year.
Domain chief economist Dr Andrew Wilson said there was no indication of rents picking back up.
"There's really no sign of that shake out in rents that we've seen in Perth over the last year easing," he said.
"It's good news for tenants but not so good news for landlords.
"It's not just a reduction in demand, but that excess in supply which is also putting downward pressure on rents."
Demand weaker as migration drops
Domain is reporting rents have fallen 6.5 per cent in the past year.
"I think the fall in rents in Perth reflects what was clearly unsustainable rental growth 18 months ago," Dr Wilson said.
"Rents were growing at very strong levels reflecting high levels of migration, particularly people from the eastern states looking for work from the resource sector.
"So, that surge in demand has weakened now and of course we've seen rents tracking back to what you might describe as more normal levels."
Dr Wilson said prices were also being driven by an increase the number of first homebuyers.
"Perth has one of the highest proportions of first homebuyers in any of the capital cities and of course with low interest rates, first homebuyers in Perth have become more active and that means less demand for rental properties," he said.
Perth's vacancy rates are among the highest in the country, with 3 per cent of homes and 4 per cent of units across the metropolitan sitting empty.
Dr Wilson said it was a different story in Sydney, with rents rising to record levels over the past three months.
"The contrast between Sydney and Perth couldn't be more stark," he said.
"At an average of $530 a week, [there's] really no sign of an easing in rental activity in Sydney despite record levels of new supply and investor activity.
"We're also seeing almost the lowest levels of first homebuyers in Sydney's history."
The Real Estate Institute of Australia, which collects data from all real estate agencies, is expected to release its June 2015 report next month.
Topics:housing-industry, perth-6000
First posted July 09, 2015 07:53:24
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发表于 2-9-2015 20:38:47
