- The Real Estate Institute of Australia’s Housing Affordability Report reveals the proportion of family income required to meet the median rent has improved to 16.4 per cent.
- Topping the list is Shoalwater which has a median rent price of only $250 per week and is $24 less than a year ago.
- reiwa.com data revealed that the top 10 most affordable coastal suburbs were all under $300 per week.
Rental affordability has improved in Western Australia, according to the Real Estate Institute of Australia’s Housing Affordability Report which reveals the proportion of family income required to meet the median rent has improved to 16.4 per cent – a decrease 0.1 per cent from three months ago.
REIWA President Damian Collins said as our state is currently the most affordable place to rent in Australia, there is no better time for tenants to live in a home that suits their lifestyle preferences.
“With coastal suburbs in high demand leading into warmer months, it is pleasing to see that it is now even more affordable to live in these desired locations, especially compared to the east coast which is unheard of for tenants to be able to rent a house in a coastal suburb for less than $450 per week,” Mr Collins said.
reiwa.com data revealed that the top 10 most affordable coastal suburbs were all under $300 per week with Shoalwater, Mandurah, Falcon, Butler and Eglinton leading the top five.
“Topping the list is Shoalwater which has a median rent price of only $250 per week and is $24 less than a year ago. Located just metres away from the Shoalwater Marine Park, it is no wonder why August reiwa.com data saw rental properties being snapped up on an average of only 17 days.
Of the 10 suburbs that made the reiwa.com list, six were located in the south of Perth, within a few kilometres from one another.
Mr Collins said the south metropolitan area held a lot of opportunity for renters who wanted to live close to the coast, yet only a train ride away from the city.
“The median price in suburbs like Rockingham, Safety Bay and Silver Sands is hovering around the $300 mark, which is notably lower than the Perth median price per week of $360,” Mr Collins said.
While Cottesloe and Fremantle do not fall into the most affordable suburbs in the Perth coastal area, their median rent of $578 and $420 per week is still more affordable than St Kilda or Bondi Beach which has a median of $650 and $1,325 per week.
“It won’t always be this way, so I advise those looking for their next rental property to act sooner rather than later if they are wanting to secure an affordable home close to an iconic WA coastal suburb.”
|Suburb||Median rent price||Change over 12 months|
|1. Shoalwater||$250||– $24|
|2. Mandurah||$270||+ $11|
|3. Falcon||$290||– $5|
|4. Butler||$300||+ $5|
|5. Eglinton||$300||+ $0|
|6. Merriwa||$300||+ $5|
|7. Ridgewood||$300||+ $0|
|8. Rockingham||$300||+ $17|
|9. Safety Bay||$300||+ $5|
|10. Silver Sands||$300||+ $0|
|Greater Perth||$360||+ $10|