- Vacancy rates for Perth improved between June and July this year.
- New builds and investors are gradually adding to rental supply in Perth.
- Some suburbs recorded substantial drops in available rentals.
The Perth rental market has some of the tightest vacancy rates in the country. Domain‘s July figures recorded a 0.5% vacancy rate for Perth, the second lowest in the country behind Adelaide (0.2%).
While securing an apartment for rent in Perth or a house for rent in Perth remains challenging, there are positive signs. Both REIWA and Domain recorded upticks in vacancy rates, with REIWA finding vacancy rates loosened for the first time in six months.
Available homes for rent improves
Several factors have led to the latest easing in Perth’s rental market.
Tenants who were waiting for homes to be built are finally moving into their new homes, and a growing number of eastern states investors are eyeing Perth property, according to REIWA CEO, Cath Hart.
Perth vacancy rates
Availability in popular Perth rental markets plummet
While the market is seeing early signs of improvement, some suburbs are getting harder to find properties for rent.
Suburbtrends analysis has revealed the Perth regions and suburbs where homes for rent are becoming harder to come by.
Top 20 suburbs for falling vacancy rates in Western Australia
| Rank | State | Area (SA3) | Suburbs with Falling Vacancies to Watch | Area Vacancy June 2023 | Area Vacancy July 2023 | Change |
|---|---|---|---|---|---|---|
| 1 | WA | Mandurah | Lakelands (-6), Mandurah(-5), Meadow Springs(-6), Greenfields(-7), Dawesville(-4) | 1.7% | 1.2% | -0.5% |
| 2 | WA | Fremantle | Fremantle(-10) | 1.9% | 1.4% | -0.5% |
| 3 | WA | East Pilbara | Newman(-6) | 4.7% | 4.2% | -0.5% |
| 4 | WA | Perth City | Perth (-30), East Perth(-10), Wembley(-13), Mount Lawley(-12), Mount Lawley(-12) | 1.5% | 1.1% | -0.5% |
| 5 | WA | Mid West | Geraldton(-4) | 1.4% | 0.9% | -0.5% |
| 6 | WA | Cottesloe – Claremont | Claremont (-11), Cottesloe(-11) | 2.0% | 1.5% | -0.5% |
| 7 | WA | Augusta – Margaret River – Busselton | West Busselton(-4), West Busselton(-4) | 1.9% | 1.4% | -0.4% |
| 8 | WA | Joondalup | Warwick (-4), Woodvale (-5) | 1.4% | 0.9% | -0.4% |
| 9 | WA | Swan | Middle Swan(-7), Midland(-6), Aveley(-8), Ellenbrook(-7) | 1.1% | 0.7% | -0.4% |
| 10 | WA | Goldfields | Somerville (-4), Boulder(-7) | 2.5% | 2.2% | -0.3% |
| 11 | WA | South Perth | South Perth(-17) | 1.4% | 1.1% | -0.3% |
| 12 | WA | Stirling | Doubleview(-5), Innaloo(-4), Scarborough (-16), Stirling (-4), Tuart Hill(-5), Joondanna(-4), Mirrabooka (-4), Nollamara(-6), Mirrabooka (-4) | 0.8% | 0.5% | -0.3% |
| 13 | WA | West Pilbara | Bulgarra(-5), Karratha(-5), Pegs Creek(-8) | 3.3% | 3.1% | -0.2% |
| 14 | WA | Cockburn | Spearwood(-4), Treeby(-4) | 0.7% | 0.5% | -0.2% |
| 15 | WA | Belmont – Victoria Park | Rivervale(-7), Belmont (-4), Kewdale(-5) | 1.0% | 0.8% | -0.2% |
| 16 | WA | Canning | Bentley (-4), East Cannington(-4), Willetton(-4) | 0.7% | 0.5% | -0.2% |
| 17 | WA | Melville | Applecross(-3), Mount Pleasant(-3), Attadale(-3), Bicton(-3), Bateman(-2), Alfred Cove(-2), Palmyra(-2) | 1.2% | 1.1% | -0.1% |
| 18 | WA | Armadale | Piara Waters(-4), Armadale (-6) | 0.7% | 0.6% | -0.1% |
| 19 | WA | Albany | Kendenup(-2), Mount Barker(-2), Denmark(-2) | 1.0% | 0.9% | -0.1% |
| 20 | WA | Bayswater – Bassendean | Maylands (-9), Bayswater (-6) | 0.8% | 0.7% | -0.1% |
Source: Suburbtrends.
The methodology focusses on Statistical Area Level 3 (SA3) regions, rather than individual suburbs, to ensure a more stable and reliable regional perspective, minimising the volatility often seen at the suburb level, said Suburbtrends.
“Our analysis shows a significant drop in vacancy rates across 50 regions,” said Suburbtrends’ founder, Kent Lardner.
“Contrary to the uptick we observed in June, it seems that trend was more of a blip. The market has adjusted downwards again, with decreases recorded in every capital city.”
How tough is it to find a home for rent in Perth?
At the time of writing, a search for rental properties in Mandurah (suburb) on the REIWA website only found 20 results. This comprised two 1 bedroom apartments for rent, six 2 bedroom apartments for rent, and a handful of other houses for rent.
Staying in the Mandurah SA3, a search for Lakelands found only 10 houses for rent.
The next SA3 and suburb to feature on the top 20 list was Fremantle, with a search on REIWA only finding 18 properties for rent available. The 18 properties found comprised seven apartments, and the remainder houses for rent.
