February Market Summary

At the end of February 2023, reiwa.com confirmed Perth’s rental vacancy rate to be 0.7 per cent. To put this into perspective, during a balanced market, this rate sits anywhere between 2.5 per cent and 3.5 per cent. September 2018 was the last time the rate was over 3.5 per cent, (at 3.8 per cent) and since that time, our population has grown by 6.7 per cent.

Perth rental bonds data shows 19,000 rental properties have been removed from the rental market. This reduction in available rental properties, combined with a continually growing population, is driving Western Australia’s rental shortage.

Indeed, demand continues to exceed supply for both rentals and sales across Perth and, under current conditions, it is expected that we will see further price increases in coming months.

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