Perth renters face more pain as median rental property prices increased for the third time this year.
In the three months to August, median house rents rose by $10 to $450 per week, while units, apartments and villas rose by $20 to $430 per week, according to the latest figures from the Real Estate Institute WA.
The latest rise follows $10 increases in March and June.
The vacancy rate has also tightened in the three months to August, dropping to 1.8 per cent across the metro area.
Vacancies have steadily declined since mid 2010 when the rate hovered at around 3.4 per cent.
REIWA president David Airey said strong population growth, first home buyer activity and weak investor interest were impacting price and availability.
He said the number of properties listed for rent has fallen by 15 per cent from almost 2,700 properties in early July to 2,300 by the end of August.
"First home buyer activity is strong and this means that a lot of the stock for sale at the more affordable end of the price range is being snapped up by young buyers rather than investors, who remain scarce in the current market," Mr Airey said in a statement this morning.He said pressure from WA's burgeoning population and a lack of supply would continue to put pressure on prices.
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