Navigating Perth's Housing Market Trends for Individuals Moving to Australia
As the founder and managing director of AussieOs, a relocation company specialising in supporting workers moving to Australia from overseas and interstates for new job opportunities, I closely monitor the housing market trends, especially in Perth, where our services are often sought after.
Perth's Housing Market Trends:
Perth's vacancy rate hit a record low of 0.4 per cent in March, as reported by REIWA, surpassing the previous record of 0.6 per cent in December 2022. Throughout 2023 and into 2024, the vacancy rate hovered around 0.7 per cent. While this decline may seem concerning, REIWA President Joe White points out some signs indicating a potential easing of the market.
Affordable Housing Demand:
Homes priced under $1,000 leased faster, with some even finding tenants within 10 to 11 days in suburbs with a median dwelling rent below Perth's current median of $649. This suggests that demand remains robust in the affordable price brackets. However, in the mid-range, there's a noted decline in attendance at home opens in some suburbs, although multiple applications are still received.
Impact on Tenants and Investors:
White highlights affordability as a significant concern for tenants, potentially driving shifts in demand. Rising prices coupled with low supply might prompt tenants to adjust, such as by forming larger household sizes, considering homeownership, or opting to stay with family longer to avoid the rental market. For investors, flexibility in pricing may be necessary to secure quality tenants.
Increasing Availability and Challenges Ahead:
There are reports of increasing availability in certain suburbs, particularly with newly built homes owned by investors from the Eastern States coming onto the market, mainly in outer-lying areas where development opportunities exist. While this influx of supply is a positive development, it's clear that there's still a way to go before we can expect a balanced market.
Conclusion:
As someone deeply invested in supporting individuals in their relocation journeys, I recognise the importance of staying attuned to these market shifts to better serve our clients amidst changing housing landscapes. At AussieOs, we are committed to providing tailored support and expertise to ensure a smooth transition for individuals and families moving to Australia, navigating through the complexities of the housing market with ease.
