Rental prices fall again

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The increasing number of properties for lease has led to further decreases in rental prices.

THE median house rental in Jindalee for June was $490 while in Alkimos it was $400, Eglinton and Yanchep $385, Two Rocks $345 and Butler $650. 

Real Estate Institute Western Australia president David Airey said in the rental market the increasing number of properties for lease had softened rental prices again.

There were 8128 rental properties available at the end of the quarter, up by 1524 properties on the March quarter and up by 40 per cent more properties than the same time last year.

“As a result the metropolitan median rent has dropped further, coming down by $10 to $420 per week for the quarter,’’ he said.

“This means the overall median rent has now dropped by $55 over the last two years.

Mr Airey said first home buyers continued to be active with the Office of State Revenue reporting 4820 applications for the first home owners grant during the quarter, however, this was down by 21 per cent, or 1022 first time buyers, on the June quarter from last year.

Around the state first home buyers were paying a median purchase price of $430,000, down from $450,000 on the June quarter last year. 

Mr Airey said the soft market for 2015 he had forewarned of had arrived and landlords must listen to their agents about finding a long term tenant.