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REIWA News Rental Market Update

21 April 2016
According to recent population data released by the Australian Bureau of
Statistics (ABS), Australia's population grew by 1.35% during the year to
Australia's population growth rate continued to slow to record the
smallest growth since 2006 and is now just below the 20 year average
growth rate.
In Western Australia, net overseas migration to the state dropped by
37.3% over the year and a more significant drop of 63.6% on a
quarterly basis. Likewise, net interstate migration has dropped to the
point where the state has recorded a net interstate loss, a trend not
seen over the last 10 years in Perth.
This slow down has had a dramatic impact on rental markets, with
Perth's vacancy rate recording a historic high of 6% as of the December
2015 quarter.
The vacancy rate is expected to increase further as the record level of
new dwellings that commenced in the booming years of 2013 and 2014
are completed in 2016 and 2017.
The high vacancy rate has also had a significant impact on median rent
which has dropped significantly from the highs of $480 per week in mid
2013 down to $395 per week today.
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