WA’s extreme rents have been highlighted by a city penthouse listed at $6000 a week — or $312,000 a year — in what is believed to be a record asking price for a rental apartment.
Real estate agency Corporate City said it was targeting resources companies to take the lease for the Condor Tower penthouse on St Georges Terrace.
Agent Kim Buswell said she was confident resources giants would pay the lofty amount to accommodate executive staff, many of whom had been head-hunted from the east coast and overseas.
Resources companies are forking out huge sums to accommodate staff in the North West, where rents also appear to have hit a record high with the recent listing of a three-bedroom Port Hedland townhouse for $4100 a week.
Ms Buswell said the luxury finishes and short supply of penthouses warranted the high price at Condor Tower, which is on par with prices at Chicago’s world-renowned Trump Tower.The 88th floor sub-penthouse at the Chicago landmark, which has nearly 600sqm of living space, 5m ceilings, five bathrooms and three bedrooms, was recently rented for $21,300 a month.
This is a few thousand dollars short of the asking monthly lease on the Condor Tower apartment, which has four bedrooms, two bathrooms and is much smaller at 230sqm.
The $312,000 annual rent for the 24th floor penthouse, which does not include the $24,000 bond, is more than four times the average household income in WA.
City real estate specialist Lisa Joyce of Joyce Properties lashed out at the record price, saying some agents were putting undue pressure on executive rents with reckless appraisals.
“This is Perth, not New York,” she said. Ms Joyce said the apartment was unlikely to get leased at that price because the top-end market was not in a shortage.
She expected a shortage could kick in early next year, putting some pressure on prices.
Ms Joyce said demand from resources companies was steady, with a major multinational recently calling on her to find 40 properties for staff it had recruited from the east and abroad.But the rental properties for these staff in most cases cost less than $2000 a week.