Regional markets set records of their own

Jan 25, 2023, 10:45 AM

Perth's vacancy rate hit a record low at the end of December - regional WA is facing a similar situation.

Title : Regional markets set records of their own

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News date : Jan 25, 2023, 00:00 AM

There has been a lot of talk this month about the Perth rental market; the vacancy rate hit a record low of 0.6 per cent at the end of December and the number of rental listings fell below 1,500 for the first time in 12 years.

Regional WA is facing a similar situation. We’ve crunched the numbers so you can see how the major regional centres are faring.

You can also view the latest data for the broader regions and individual regional suburbs via the Insights page on reiwa.com.

If you want more information on these regional centres or particular towns and suburbs you can contact a local REIWA member. You can find their details via AgentFinder on reiwa.com.

Albany regional centre

There were 17 properties available for rent at the end of December 2022. This was well below the record high of 136 set in May 2021. Rental listings hit their lowest point since 2006 in September when there were just five properties available at the end of the month. The December vacancy rate was 0.3 per cent.

The median weekly rent was $395 for the December 2022 quarter, just below the quarterly record of $400 set in the June 2022 quarter. The most recent low was $335, which was set in the September 2019 quarter and was the lowest weekly rent since 2014.

Broome regional centre

The Broome regional centre had 38 properties available for rent at the end of last month. It recorded a vacancy rate of 7.1 per cent. This seems high compared to Perth and other regions, but Broome is a seasonable market and vacancies historically rise in the wet season.

A record high of 200 rental listings was set in December 2016. The most recent low of four listings occurred at the end June and July 2021 and May and June 2022. The record of zero properties available for rent was set at the end of April 2021.

The region’s median weekly rent was $850 in the December 2022 quarter, which is the current peak. The most recent low of $385 per week was recorded in the June quarter. The last time they were that low was 2006.

Bunbury regional centre

There were 36 properties available for rent in Bunbury at the end of December, significantly below the high of 390 seen in March 2017. It was the lowest level since October 2010. The vacancy rate was 2.5 per cent at the end of last month.

Bunbury had a median weekly rent of $475 in the December quarter and is at its current peak. The most recent low of $305 per week was recorded in the December 2018 quarter and that was the lowest since 2010.

Busselton regional centre

Rental listings were very low in Busselton, with just seven recorded at the end of December. With the exception of the five properties for rent recorded in October 2021, it is the lowest since REIWA began keeping this data in 2003. The most recent high was 165 listings in July 2016. A vacancy rate was not available.

Busselton’s median weekly rent is at its current peak, reaching $600 per week in the December quarter. The most recent low was $365 per week, recorded in the December 2018 quarter. That was the lowest the median rent has been since 2013.

Esperance regional centre

The number of properties for rent in the Esperance regional centre sat at five at the end of December. A record low of zero was set in September 2021, with a record high of 64 in August 2018. A vacancy rate was not available.

The median weekly rent was $325 for the December quarter, $40 below the quarterly high of $365 set in December 2021. The most recent low was $285 for the December 2019 quarter. This was also the lowest median weekly rent since 2021.

Geraldton regional centre

The Geraldton regional centre had 38 properties available for rent and a vacancy rate of 1.5 per cent at the end of last month. This was well below the high of 329 seen in January 2016. The lowest on record since 2007 was 11 in May 2022.

The median weekly rent for the December quarter was $350, just below the record high of $360 set in the September 2022 quarter. It’s $95 higher than the most recent low of $255 for the December 2018 quarter, which was the lowest rent price since 2007.

Kalgoorlie-Boulder regional centre

With 68 properties available for rent at the end of December, Kalgoorlie-Boulder had the highest number of listings of the regional centres. This was still below the high of 303 seen in January 2014. It was nearly three times higher than the most recent low of 23 recorded in November 2021, which was the lowest since 2008. The area recorded a vacancy rate of 0.5 per cent at the end of the year.

The median weekly rent is at its current peak, with $490 recorded for the December quarter. The most recent low was $325 per week in the March 2020 quarter and that was the lowest the median weekly rent has been since 2017.

Karratha regional centre

At the end of December there were 21 properties available for rent in Karratha. This is the lowest number seen since July 2011. Rental listings peaked at 319 in May 2015. A vacancy rate was not available.

The regional centre recorded a median weekly rent of $750 for the December quarter, $1,000 lower than the quarterly peak of $1,750 seen in the December 2011 quarter. A low of $375 per week was recorded in the March quarter 2017 and this was the lowest level since at least 2007.

Port Hedland regional centre

The number of rental listings was 12 in Port Hedland at the end of last month. There were five at the end of October 2022, which was the lowest since March 2010. The number of properties for rent peaked at 428 in January 2016. A vacancy rate was not available.

Port Hedland’s median weekly rent was $750 in the December quarter, nearly one third of the $2,100 record set in the December 2012 quarter. A low of $335 per week was recorded in the June and September 2018 quarters, which was the lowest since 2007.

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Regional WA
Rental data

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