Domain’s June 2023 rental report shows Geraldton’s average house rental price shot up to $400 a week
The average house in Geraldton costs $400 a week to rent, a 38 per cent jump over the past five years, according to fresh data from Domain.
In its June 2023 quarterly rental report, Domain puts Geraldton’s average at $400 a week, a steep acceleration from the June 2018 figure of $290 a week. It also represents an annual rent increase of 11 per cent, and is up from $360 a week in the last quarter.
The report shows multi-speed rental markets, with some cities reaching record highs, while others decline.
Geraldton came in below the national average of regional rent of $510 a week, which was $480 this time last year. The median price for a three-bedroom house is $380 a week, of which there are two available in Geraldton, according to realestate.com.au
The research also shows for Geraldton median rental yields sat at 5.94 per cent, marking a 4.2 per cent increase from last year.
The rest of WA are also feeling the pinch, as Perth houses saw a surge in rental growth over the June quarter, with houses reaching a record asking rent price of $580 a week.
Perth units also saw a surge in rental growth over the June quarter to provide the biggest annual increase in roughly a decade to push asking rents to a new all-time high of $500 a week.
According to the Real Estate Institute of WA, Geraldton’s rental vacancy rate in May was 1.1 per cent, slightly easing from the record low of 0.8 per cent in February.
The State Government has announced it is introducing new rental reforms to help balance renters and landlords with the shortage of houses, which included limiting rent increases to once every 12 months.
Dr Nicola Powell, Domain’s chief of research and economics, said there were several factors at play, and there needed to be a seismic shift in supply to address the challenges the rental market was facing.
“Domain’s research shows double the rental listings are needed to create a balanced rental market. Rising investor activity is needed, the build-to-rent sector advanced, additional rental assistance provided for low-income households, more social housing and assisting tenants transition to homeowners,” she said.
Key factors contributing to a tight rental market include the the revival of overseas migration, as well as tenants opting to rent for longer due to financial barriers to home ownership.
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