Wanneroo suburbs reach rental and property market milestones

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Eglinton has claimed sixth spot in the top 10 suburbs for rent price growth in the past 12 months, according to REIWA. File picture: Yanchep News Online

Anita McInnes

THREE Wanneroo suburbs achieved rental or property market milestones in the 2022-23 financial year during which there were multiple interest rate rises.

REIWA chief executive officer Cath Hart said continuing high demand coupled with low supply had resulted in rent prices hitting a new record for WA over the past 12 months.

“The median rent for the month of June rose to $580 per week for houses and $530 per week for units.

Eglinton claimed sixth spot in the top 10 suburbs for rent price growth where weekly house rent rose 26.4 per cent to $550.

Despite the rent increase the median leasing time during the past 12 months in Eglinton was 13 days.

Pearsall made the top 10 list for the fastest leasing suburbs for houses with properties there leasing in a median of 11 days over the year to June as did properties in Coolbellup, Piara Waters, Seville Grove and Wandi.

Ms Hart said the rental vacancy rate reached a 42-year low of 0.6 per cent in December and had been 0.7 per cent for nine of the past 12 months.

“Given ongoing stock shortages and sustained demand from new interstate and overseas arrivals, we expect these trends to continue into the first half of the 2023-24 financial year.

“Real estate agents, builders and developers are reporting increasing interest from eastern states investors so in the medium term we expect to see a moderate increase in supply and an easing in the vacancy rate.”

Meanwhile, homes sold in a median of six days over the past financial year in Merriwa, which made the top 10 list of fastest selling suburbs for houses.

Merriwa shared second place on the list with Orelia.

Out of all the suburbs in the top 10 fastest selling suburbs list, Merriwa with its median house price rising 15.1 per cent to $445,000 had the most expensive median price.

In comparison Orelia’s median house price was $378,888 while Leda with a median house price of $408,000 nailed first place on the list with five median selling days.

Perth house market performed better than the unit market, with the median house price rising 4.6 per cent to a new high of $555,000 over the financial year.

The median unit price fell 3.2 per cent to $399,000.