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Perth remains the cheapest capital in Australia to rent a home despite first price rise for five years

The report said the growing demand should push prices up in 2018, claiming price rises were already happening in Perth’s premium suburbs.

Perth is still the cheapest capital city to rent a home in Australia, despite the first rental price rise since 2013.

A Domain report released today shows the median rent is $355 for houses in Perth and $300 for units.

Sydney is the most expensive place to rent a house at a weekly median of $550. Canberra is the most expensive for units with a $450 weekly median. Even Hobart and Adelaide — long regarded as the cheapest cities to live — are more expensive than Perth.

Hobart houses rent for a median $420 a week and its units for $350 a week. Adelaide houses rent for $375 a week and its units for $300 a week.

The Domain report shows the median weekly house rental cost in Perth recently grew for the first time in almost five years, with a 1.4 per cent rise in the March quarter.

But rents are still 4.1 per cent cheaper than they were a year ago. Renter Ashleigh Wildish paid only $180 a week for her two-bedroom unit in Orelia over the past year. Three years ago she was paying $315 a week for a three-bedroom home in Leda.

“Prices have really dropped over the past couple of years,” the 23-year-old said.

A report by the REA Group found that WA property prices fell 5.7 per cent over the past year but demand for homes grew by 7 per cent.

The report said the growing demand should push prices up in 2018, claiming price rises were already happening in Perth’s premium suburbs.

Shenton Park remains the most in-demand suburb for houses, followed by Floreat and Subiaco. Nedlands, Shenton Park and Doubleview had the highest demand for apartments.

Article by: Kim Macdonald
Source: The West Australian