The Sydney market took the steepest hit were houses saw rents fall by 3.6% over the year to $530 per week — $20 below the peak of $550 reached in 2017 and 2018. Unit rents fell by 0.9 of a percentage point in the quarter and 4.5% over the year.
However, despite the fall Sydney remains the most expensive capital city to rent a unit, significantly higher than its national counterparts.
On the flipside, rental prices for both Perth houses and units increased over the past year. House rents increased by 4.3% over the year to $365 per week ($15 above the low points reached in 2017 and 2018).
Unit rents increased by 3.3% in the quarter to reach $310, the highest since 2016.
Even with its growth, Perth remains the most affordable capital to rent a house. The Perth rental rebound is a result of the economic stabilisation, resource sector improvement and growing population.
Speaking to Realmark Executive Director and Property Management guru, Anita Percudani, she stated, “The Perth market has well and truly weathered the storm in recent years, we have seen significant highs and lows in the property management sector and we can now see the market turning around. Realmark has been fortunate to have kept vacancy rates at an all-time low, enabling much less stress and heartache for our clients.”
Realmark reported an average vacancy rate of 1.82%* compared to the state average which sits at 2.7%^.
Realmark Group Managing Director, John Percudani said, “The Perth market is slowly coming around, the sentiment across the state has seen a major improvement, aiding to that job and population growth we can predict much brighter times ahead.”
Realmark group have been labelled one of the leading agencies in WA in recent REIWA stats, they have also taken out continued market share growth year on year by Core Logic report (March 2019).
*Realmark Urban quarterly average vacancy rate
^Domain.com.au Perth Vacancy rate