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  • Regional rental market outperforms Perth

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    Regional rental market outperforms Perth - reiwa.comRegional WA’s rental market improved in the December quarter, with reiwa.com data revealing rent prices in most major urban areas had increased or were stable over the three month period.

    REIWA President Hayden Groves said the results were in contrast to Perth’s softening rental market and was good news for WA’s regional investors.

    “All but two regional centres increased or remained stable in their median rent price over the quarter. Albany urban area was a top performer in the December quarter with its median lifting $10 a week, followed by Esperance urban area which lifted $7 over the quarter.

    “Port Hedland had the biggest decline in price, with its median rent coming in at $485 per week, while Karratha urban area was something of an anomaly in the regional market due to a small sample of new rentals skewing the data,” Mr Groves said.

                          Location September quarter December quarter Difference
    Albany urban area $340 $350 ↑$10
    Broome urban area  $495  $500  ↑$5
    Greater Bunbury  $350  $350  $0 
    Busselton urban area  $400  $400  $0 
    Esperance urban area  $318  $325  ↑$7 
    Geraldton-Greenough  $320  $320  $0 
    Kalgoorlie-Boulder  $350  $350  $0 
    Karratha urban area  $500  $700  ↑$200 
    Mandurah-Murray  $360  $350  ↓10 
    Port Hedland  $550  $485  ↓ $65 

    In overall geographical terms, regional WA’s median rent increased $20 to $380 per week in the three months to December 2015.

    Mr Groves said the overall median reflected the strength of rent prices in most of the major urban markets.

    “Other indicators of a healthy rental market are the volume of properties leased and the time it takes to lease.

    “Regional WA experienced improvements in both of these areas with the number of leased properties increasing by seven per cent and the average time to lease coming in at 50 days - one day quicker than in the September quarter,” Mr Groves said.

    Busselton and Esperance had the biggest improvement in time to lease with investors on average securing a tenant 10 days quicker than they did in the September quarter.

    Mr Groves said as at 31 December 2015 there were 3,245 properties available to rent in regional WA.

    “Our most recent data shows listings have trended up slightly since that time coming in at 3,356 as at 16 February, however a minor increase is not unusual following the Christmas and New Year period,” Mr Groves said.

    Further analysis of listings showed that in the major urban areas the bulk of stock was priced under the overall median of $380 per week.

    “While prices have increased in some areas of regional WA, the private rental market is still very much affordable for tenants and there is a good amount of stock available to choose from,” Mr Groves said.

                           Location Most dominant price range Percentage of stock
    Albany urban area $301 - $350 28 per cent
    Broome urban area  $251 - $400  43 per cent 
    Greater Bunbury  $251 - $400  80 per cent 
    Busselton urban area  $301 - $450  84 per cent 
    Esperance urban area  $251 - $450  86 per cent 
    Geraldton-Greenough  $201 - $400  83 per cent 
    Kalgoorlie-Boulder  $251 - $400  60 per cent 
    Karratha urban area  $301 - $400  33 per cent 
    Mandurah-Murray  $251 - $400  75 per cent 
    Port Hedland  $251 - $400  43 per cent