I’ve written quite a bit about the state of the Western Australian housing market of late.
According to a recent report published by the Real Estate Institute of Australia, paying weekly rent was now a major financial headache for many WA renters.
According to the report the average median rent for a three bedroom property in Perth during the June 2007 quarter was $300.00 per week.
Personally, compared to the $450 a week we’re paying for our four bedroom house in Kinross, I don’t think that’s bad, however this figure does account for 25.7% of the average earnings in Western Australia during the same period so it’s obviously going to be hitting some folks pretty hard.
The report goes onto say that weekly rents are now increasing at a much faster rate than the average weekly earnings in WA which isn’t going to make the whole housing situation any better.
During the past year for example the median weekly rent for a three bedroom house in Perth jumped by over 20% compared to a more modest increase of 4% for average weekly salaries.
I think it’s fair to say that many houses are selling but the low availability of rentals is pushing the prices up.
Not great news for those coming to WA and looking to rent I’m afraid