Urgent Update: Perth's Rental Crisis October 2023
Photo courtesy of We Love Rentals
Perth's housing market stands out for its meagre vacancy rate, registering at a mere 0.3%, the worst in 42 years. This equates to just three unoccupied homes for every 1,000 residents. On the rental front, one-bedroom apartments in Perth city average $630 per week, while two-bedroom houses command an average rent of $845 per week. This housing shortage has raised significant concerns among our international clients contemplating a move to the city. The surging rents, vacancy rates below 1%, and limited housing options have posed substantial challenges for families, young professionals, and individuals seeking stable accommodation.
The surge in rental demand can be attributed to a range of factors, including a labour shortage in key industries, a thriving mining sector, the return of overseas migration to pre-pandemic levels, an influx of foreign students, increasing interest rates impacting property purchases, delays in new home completions, and property investors selling properties due to stringent legislation. Additionally, a nationwide trend of property investors favouring short-term Airbnb rentals over long-term leasing has further exacerbated the housing crisis.
Perth's housing crisis is not an isolated issue but extends beyond the city itself to encompass the entire Western Australia (WA) region. Housing shortages have been observed in areas such as Bunbury, Geraldton, and the Goldfields, leading to significant upward pressure on rental prices. This widespread crisis reflects a broader challenge in providing affordable and accessible housing throughout the state. It is imperative to acknowledge that the housing crisis in WA is not confined to Perth but is a regional concern, impacting various communities and regions across the state. The shortages in these areas have contributed to the overall housing affordability and availability issues facing Western Australia.
Despite these challenges, Elite Woodhams Relocations remains steadfast in its commitment to assisting our clients in finding their desired properties. Leveraging our expertise in the relocation industry, we work closely with property managers, possess deep knowledge of the local market, and offer valuable resources to help our clients secure the perfect tenancy. Our dedicated relocation consultants streamline the process, making it more efficient and less stressful. Relocations Consultants Making Your Life Easier.
For expert assistance with your relocation to Perth or other Western Australia regions, contact Elite Woodhams Relocations today. Our team is prepared to work diligently to find the ideal property that aligns with your needs and preferences, making your move to Western Australia a successful and enjoyable experience.