Rents in Perth have become significantly more affordable compared to previous peaks, according to the latest report from the Real Estate Institute of Western Australia (REIWA).
The latest report showed that most Perth suburbs continue to be among the most affordable for tenants across Australia. In fact, around 235 suburbs have reported median house rents that are below their peak prices.
"Our analysis shows 201 of the 235 suburbs had median house rents 10% cheaper than their previous peaks, while 37 of those 201 suburbs were more than 20% cheaper than their previous peak median rents," said Damian Collins, president of REIWA.
Collins said that despite a lift in rent prices over the past year, Western Australia overall remains the most affordable place to rent.
"It's very clear that the biggest issue facing the Western Australia rental market is not affordability, but the shortage of housing," he said.
Collins said it is crucial for investors not to be disincentivised from buying in WA as the state reviews the Residential Tenancies Act.
"To keep rents affordable, property investors must remain an active part of the Western Australia market so there are enough rentals on the market to keep up with tenant demand,” he said.
The table below shows the 10 suburbs that have recorded the biggest rent declines from their previous peaks:
Top Suburbs :
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