Perth rental vacancies still tight

Perth remains one of the tightest rental markets in Australia, with its vacancy rate sitting below 0.75 per cent.

New data from REA Group's Proptrack for December 2023 showed that Perth and Adelaide were the two toughest capital cities to secure a rental property, with 0.73 and 0.69 vacancy rates, respectively. 

The national vacancy rate grew slightly to 1.12 per cent in December 2023, up 0.05 percentage points.

The new data comes on the back of Perth having recorded the fastest rent median growth in Australia last year. This increase yielded an average rental price median of $600 per week, up 20 per cent. 

In December 2023, Perth rental prices rose 3.4 per cent according to Proptrack, in comparison to the national rate of 1.8 per cent. 

Typically, a vacancy rate between 2.5 and 3 per cent can ensure a normal and balanced rental market. 

Real Estate Institute of Western Australia rental vacancy data from November listed Perth's vacancy rate at 0.7 per cent. 

Rental pressure in major regional locations - Albany, Bunbury and Geraldton - was also evident, with rates of 0.8, 1.6 and 1 per cent respectively. 

REIWA also reported earlier this year that new home listings hit a record low for December 2023, falling to 3,648, down 49 per cent from December 2022. This was resulting in houses being sold on average after 10 days on the market, due to high demand and housing shortage issues.