Perth median unit rents hit an all-time high of $295 per week in the March quarter this year, almost topping the new $300 median rental record for houses according to latest Australian Property Monitors figures.
Although Perth house rentals increased a modest 1.7 per cent between March and December quarters, unit rents experienced the biggest jump, rising 5.4 per cent from $280/week in December to $295/week in March.
The closing gap between unit and house rentals in Perth is similar to that which occurred in Sydney, where the average rental price for a unit now equals that of a house at $380/week.
APM general manager Michael McNamara said median weekly asking rents and gross rental yields were the highest they had ever been throughout most Australian markets.
Perth has the country's lowest average rental house yields of 3.27 per cent, despite a 1.9 per cent increase between March and December quarters.
Gross rental yields for units are more positive however, reaching 4.22 per cent in the March quarter.
When it came to investor returns, Hobart was the most lucrative city to own residential property with yields unchanged at 5.1 per cent over the period.
"We see a modest recovery in most Australian property markets-except Perth and Darwin- as investors see compelling reasons to diversify back into real estate," Mr McNamara said.
The new figures are markedly different from the March quarter data released by the Real Estate Institute of Western Australia this week, which estimated Perth's median house rents had increased to $270/week and units to $250/week during March.
REIWA found Perth's vacancy rate had plunged to a new low of 0.8 per cent, and reported a 25 per cent reduction in new leases.
