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9.5% fall in rental costs

11 May 2015 by News Desk

property_houseThere has never been a better time to rent an expensive house or flat in Perth.

As the continuing fall in interest rates encourages more people to buy property, rents across Western Australia are falling with higher cost properties seeing the biggest price drops.

“Around 80 percent of Perth’s rentals are under $650 a week, while rents for the more expensive properties have dropped by 20 to 50 per cent in some cases. The fall in rental costs is set to continue while interest rates remain low”, said David Airey, president of the Real Estate Institute of Western Australia.

In the first three months of 2015 there were about 2,000 more rental properties on the market than at the same time last year. The cost of renting in Perth peaked at $475 in mid-2013, but has since fallen by 9.5 per cent.



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