December Quarter 2010 - Western Australian Planning Commission

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T Department of Planning – December Quarter 2010 RENTAL ACTIVITY Median rent and vacancy rate Rental information is obtained from a survey of REIWA members who manage residential properties for rent. As such, it is assumed that public housing and rental properties not managed by REIWA members are excluded. Figure 8 Median weekly rent and vacancy rate per quarter, Metropolitan Perth Vacancy rate (%) 5.0 Scope: All types of rental 4.5 dwellings in 4.0 Metropolitan Perth managed by REIWA 3.5 members 3.0 Source: Market Update, 2.5 Real Estate Institute of 2.0 Australia. March 1.5 2010. 1.0 0.5 Median weekly rent ($) 400 360 320 280 240 200 160 120 80 40 0.0 Dec- 05 Mar- 06 Jun- 06 Sep- 06 Dec- 06 Mar- 07 Jun- 07 Sep- 07 Dec- 07 Vacancy rate (%) 1.6 1.4 1.8 1.8 1.0 0.8 2.1 2.5 1.6 1.4 2.8 2.6 2.4 2.9 3.5 4.6 4.7 4.6 4.3 3.4 3.2 Median weekly rent ($) 220 230 240 250 260 270 290 300 320 330 350 350 360 360 360 360 370 370 370 370 370 Mar- 08 Jun- 08 Sep- 08 Dec- 08 Mar- 09 Jun- 09 Sep- 09 Dec- 09 Mar- 10 Jun- 10 Sep- 10 Dec- 10 0 Table 8 Median rent and vacancy rate, Perth Metropolitan Region – annual summary and quarterly update Dec Qtr Dec Qtr Dec Qtr Dec Qtr Dec Qtr Dec Qtr 2005 2006 2007 2008 2009 2010 Vacancy rate (%) 1.6 1.0 1.6 2.4 4.7 3.2 Median weekly rent ($) 220 260 320 360 370 370 Annual change (%) 18.2 23.1 12.5 2.8 0.0 *Note: Data for December quarter 2010 is preliminary data and may be subject to revision at a future date. Source: Western Australia Real Estate Indicators – December Quarter 2010. Market Update, Real Estate Institute of Western Australia. March 2011. The vacancy rate declined slightly in the December quarter 2010 dropping to 3.2% from the 3.4% figure noted in the previous quarter. The vacancy rate has now declined for four consecutive quarters from a rate of 4.7% in the December quarter 2009. It is notable that approximately 18% of dwellings financed were for first home buyers as at December 2010 compared with over 25% as at December 2009 5 , potentially indicating first home buyers are being forced into the rental market as home ownership becomes increasing unaffordable. The median weekly rent for the December quarter 2010 was $370 and this level has remained constant since December 2009. 5 Source – Australian Bureau of Statistics, Housing Finance Commitments (Cat. 5609.0 January 2011). 11
Department of Planning – December Quarter 2010 RESIDENTIAL SUBDIVISION ACTIVITY Applications received Figure 9 Residential subdivision applications and lots received during the quarter Applications received Scope Residential subdivision applications and lots
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December Quarter 2010 - Western Australian Planning Commission

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