Perth home values increased 13 per cent in 2021

3 January 2022

"2021 was a big year for the Perth property market, with CoreLogic’s latest data showing Perth home values increased 13.1 per cent during the calendar year."

Drone view of South Perth Foreshore on a sunny day.

Perth rental market
Median rent price

Perth’s median rent price increased $5 to $445 per week in December.

"Even though rents experienced a small increase during the month, they are still more affordable than they were in 2014 and WA tenants continue to enjoy the most affordable rents in the country,” Mr Collins said.

The suburbs to record the biggest increase in median rent during December were Balcatta (up $30 to $450 per week), Aubin Grove (up $30 to $480 per week), Rivervale (up $25 to $450 per week), Waikiki (up $20 to $400 per week) and Yanchep (up $20 to $420 per week).

Other suburbs to record strong increases were Queens Park, Seville Grove, Riverton, Harrisdale and Morley.

Median leasing times

It took a median of 16 days to lease a rental during December, which was the same as November and one day faster than December 2020.

The suburbs that recorded the fastest median leasing times during December were Secret Harbour (12 days), Wellard (12 days), Innaloo (13 days), Kelmscott (13 days) and Hamilton Hill (13 days).

Other suburbs to experience fast median leasing times were Scarborough, Yanchep, Alkimos, Armadale and Butler.

Listings for rent

There were 1,864 properties for rent on reiwa.com at the end of December.

"The rental shortage continues to be the biggest issue facing the Perth rental market. We need more investors in the market to help keep up with tenant demand, which will only increase once borders open and migration resumes,” Mr Collins.

“It is critical that the WA Government does not make major changes to the Residential Tenancies Act that will discourage property investment in WA at a time when we desperately need an influx of rental stock.”