Perth rental demand shows shift as migration surge eases
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Photo by Arin Erin
New rental application data has revealed a sharp decline in interstate and international rental applicants in Perth, suggesting the city’s post-pandemic population surge may be cooling.
Analysis of Rent Choice rental applications showed interstate and international applicants dropped from 39 per cent to 9 per cent of total applications between November 2023 and November 2024.
The data provided more current insights than official population statistics, which showed Western Australia led national population growth at 2.8 per cent in the year to June 2024.
Perth’s median dwelling price rose 19.1 per cent to reach $813,016 by the end of 2024, while the city maintained the second-highest rental yield among mainland capitals at 4.2 per cent.
A random sample of 100 rental applications showed local applicants increased from 61 to 91 between November 2023 and November 2024, while interstate applications fell from 19 to 6.
International applications recorded an even steeper decline, dropping from 20 to just 3 during the same period.
The Australian Bureau of Statistics data released in December showed Western Australia gained 84,000 new residents in the year to June 2024.
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However, this data lagged six months behind current market conditions.
Despite signs of slowing migration, industry analysts predicted Perth property prices would rise between 8 and 15 per cent in 2025.
The city’s strong employment market and coastal lifestyle had previously attracted significant interstate and international migration, driving property market growth.
Perth maintained solid long-term market fundamentals despite the apparent slowdown in migration-driven demand.