Moving to Melbourne has never sounded better.
Perth’s had the strongest rental growth across the capitals in the past year, up 13.6 per cent to $669 per week, according to new data released on Monday.
CoreLogic’s rent report found Perth is now the third most expensive rental market in the country behind Sydney ($770) and Canberra ($674) – overtaking Melbourne, and only $5 off passing Canberra to take second place.
Serpentine-Jarrahdale had the largest annual rent growth across what the Australian Bureau of Statistics terms Australia’s “statistical area level 3” markets, at 19 per cent, followed by Belmont-Victoria Park at 17.8 per cent and Armadale and Mundaring at 17.2 per cent apiece.
Experts pointed to a few reasons for the staggering increase post-COVID, especially a lack of supply, as well as the move from share houses into smaller households with spare rooms used as home offices.
Ray White chief economist Nerida Conisbee said the market was “really stuck”.
“We’ve got construction problems, we’re lacking the money to get these homes built and governments are so indebted after COVID there are not many levers they can pull,” she said.
Here’s the data in all its horrifying glory:
Read the full report here – our property reporter Sarah Brookes has further consulted the CoreLogic head of research, AMP chief economist and the Property Council of Australia’s policy expert for perspectives on the causes of, and potential solutions to, the problem.