RE: perth maybe you all missed this pieceWest Perth – home to...

RE: perth maybe you all missed this piece

West Perth – home to the nation’s mining headquarters – with
http://www.macrobusiness.com.au/2014/04/winter-chill-comes-early-to-perths-rental-market/


office rents falling dramatically and vacancy rates skyrocketing.

Now it appears that the residential rental market has followed suit, with rents falling and vacancies rising.

The latest data from SQM Research illustrates the situation.

First, rental vacancies have climbed materially over the past 18-months, although they remain relatively tight overall:





More importantly, asking rents have tanked, sliding by 6.4% (houses) and 1.6% (units) over the past quarter and by a whopping 12.3% (houses) and 8.1% (units) over the year:




Listings did fall during the month, however this was expected due to the multiple long weekends. The fact they did not fall much, and indeed rose in some cities, provides an indication that the market might be in a brief lull, overall. However as we have already said prior to today, each city is telling its own story. I for one am not convinced yet that the boom is over in Sydney. On the other hand, there appears to be ample evidence now that the mining downturn is affecting the Perth and Darwin housing markets.”