https://au.news.yahoo.com/a/25988956/perth-rents-drop-further-in-december-data/

"Perth rents dropped further in December with the median price dropping by $10 to about $440 a week.

Real Estate Institute of Western Australia president David Airey said the shift was more noticeable in apartments and villas.

"Houses are typically holding a rental median of $450 per week while units, apartments and villas have dropped to a median of around $420 per week," he said.

Perth's vacancy rate has risen to 4.2 per cent, with about 6300 rental properties on the market.

Mr Airey said a three per cent vacancy was normal, and the current high rate was largely due to slowing population growth in response to fewer jobs.

"The increase in stock over the past two years can be directly attributed to the rapid turnaround in migration which peaked in the year to September 2012," he said.

"The latest reading of WA's population growth for the year to June 2014 has it falling to its lowest level in eight years."

REIWA data showed the number of properties for lease rose by 10 per cent in the December quarter and was up by 37 per cent on a year ago.

Areas with the strongest increases in rental listings last year were Belmont, Kwinana, Armadale and the northwest corridor of Wanneroo.

Kwinana was the only area to increase its median rent last year, up by $5 to $390 a week.

Armadale remains most affordable with a median rent of $370 a week."

Really?

I made mention the other day that they've dropped in my area, at the top of the scale from $360 a week to $295.....people that have just recently signed 12 month contracts are spitting chips.

The agents are trying to con renters into 12 month contracts/leases because they must expect them to drop more.

I must check sale prices, it seems that if rents are dropping house prices must be too.

No mining here, so I don't know why rents fell so much in a short time.

Mining temporary towns suffer a huge boom in rental payments etc, then they go quiet again and the market is stranded like an Airbus in a stall... only way is down.

Had an Irish gentleman on the bus last night and we discussed property and stuff - he said in the 1980's Ireland had people leaving in droves - broke as, then the nineties were a boom and everyone bought up big - now the banks are re-possessing everything...

I said we were just entering a bust phase here in Oz.... watch this space.

**One night I had a prophetic dream that I drove over a hill in OutBack Oz and saw before me a whole town, empty and cheap as..... bought it and re-settled the Select Group of whoever.... funny things, dreams....

**shamelessly plugs own work**

http://bookstore.bookcountry.com/Products/SKU-000735701/Built-On-A-Dream.aspx

Ex Dame Pansi wrote on Jan 14^th, 2015 at 6:03am:

Really? I made mention the other day that they've dropped in my area, at the top of the scale from $360 a week to $295.....people that have just recently signed 12 month contracts are spitting chips. The agents are trying to con renters into 12 month contracts/leases because they must expect them to drop more. I must check sale prices, it seems that if rents are dropping house prices must be too. No mining here, so I don't know why rents fell so much in a short time.

longloser won't be happy to hear that. According to him that is an impossible scenario in Australia !!

Grappler Truth Teller Feller wrote on Jan 14^th, 2015 at 12:26am:

https://au.news.yahoo.com/a/25988956/perth-rents-drop-further-in-december-data/ "Perth rents dropped further in December with the median price dropping by $10 to about $440 a week. Real Estate Institute of Western Australia president David Airey said the shift was more noticeable in apartments and villas. "Houses are typically holding a rental median of $450 per week while units, apartments and villas have dropped to a median of around $420 per week," he said. Perth's vacancy rate has risen to 4.2 per cent, with about 6300 rental properties on the market. Mr Airey said a three per cent vacancy was normal, and the current high rate was largely due to slowing population growth in response to fewer jobs. "The increase in stock over the past two years can be directly attributed to the rapid turnaround in migration which peaked in the year to September 2012," he said. "The latest reading of WA's population growth for the year to June 2014 has it falling to its lowest level in eight years." REIWA data showed the number of properties for lease rose by 10 per cent in the December quarter and was up by 37 per cent on a year ago. Areas with the strongest increases in rental listings last year were Belmont, Kwinana, Armadale and the northwest corridor of Wanneroo. Kwinana was the only area to increase its median rent last year, up by $5 to $390 a week. Armadale remains most affordable with a median rent of $370 a week."

wow, now everyone can afford a roof over their head without resorting to selling boring meth and getting caught up with the hopeless crowd  ::)

Sir lastnail wrote on Jan 14^th, 2015 at 12:29pm:

Ex Dame Pansi wrote on Jan 14th, 2015 at 6:03am: Really? I made mention the other day that they've dropped in my area, at the top of the scale from $360 a week to $295.....people that have just recently signed 12 month contracts are spitting chips. The agents are trying to con renters into 12 month contracts/leases because they must expect them to drop more. I must check sale prices, it seems that if rents are dropping house prices must be too. No mining here, so I don't know why rents fell so much in a short time. longloser won't be happy to hear that. According to him that is an impossible scenario in Australia !!

I'm not sure the comment you refer to is specific to Perth... ????  :(

Whats happening with rents out in houso land Horsebreath?, keeping up with centrelink benefits handouts or what? can you still keep a roof over your head thanks to Gough and a meth economy?

Is this a prelude to the big bang? The bursting of the bubble.

innocentbystander. wrote on Jan 14^th, 2015 at 2:16pm:

Whats happening with rents out in houso land Horsebreath?, keeping up with centrelink benefits handouts or what? can you still keep a roof over your head thanks to Gough and a meth economy?

Where's houso land?

Svengali wrote on Jan 14^th, 2015 at 3:47pm:

Is this a prelude to the big bang? The bursting of the bubble.

Perth doesn't bust: that's real estate 101  ;) ;)

Sir lastnail wrote on Jan 14^th, 2015 at 12:29pm:

Ex Dame Pansi wrote on Jan 14th, 2015 at 6:03am: Really? I made mention the other day that they've dropped in my area, at the top of the scale from $360 a week to $295.....people that have just recently signed 12 month contracts are spitting chips. The agents are trying to con renters into 12 month contracts/leases because they must expect them to drop more. I must check sale prices, it seems that if rents are dropping house prices must be too. No mining here, so I don't know why rents fell so much in a short time. longloser won't be happy to hear that. According to him that is an impossible scenario in Australia !!

it is a market correction, not a drop or crash or any other stupid statements you are likely to make.  Perth had artificially high rents built up on the mining boom - which has no ended.  Rather unsurprisingly, this has reduced rents back to the non-boom level.  That is all.

Meanwhile in the rest of the country - which you naturally ignore - rents are rising as are house prices.

The longest journey starts with a single step!

Svengali wrote on Jan 14^th, 2015 at 6:38pm:

The longest journey starts with a single step!

assuming it is a journey and not just a single step.

A journey of a thousand miles starts with a single groan....