The Western Australian regional rental market is suffering as rental rates continued to fall over the final quarter of 2015.
The median weekly house rent in regional Western Australia dropped 2.6% over the quarter while the median weekly unit rent slid 3%, the latest figures released by CoreLogic RP Data has shown.
This is the third consecutive quarter of declining rents for houses and the second consecutive quarter of falls across regional Western Australia’s unit market after remaining flat for most of the first half of the year.
Over the December quarter, Western Australia was the weakest performer across regional Australia for the detached house rental market, showing a fall of 2.6% and bringing house rents 7.5% lower year-on-year. Unit rents also fell by 3% over the quarter.
In regional New South Wales, house rents remained steady while median unit rents rose by 3.1%. Victorian median house rents rose 1.8% over the final three months of 2015 while unit rents were up 2%.
Up north in Queensland, median house rents were also unchanged over the quarter while median unit rents dropped 2.9%. Meanwhile down south in South Australia and Tasmania median weekly house rents were up 1.9% in both regional areas while unit rents remained steady in regional South Australia and dropped 4.2% in regional Tasmania.