Kim Macdonald: Are we on top of housing issues or stuck in a crisis that will go down in history?

What is the rental vacancy rate for Perth? It seems like a simple question but the answer is as clear as mud, with a massive 133 per cent difference in the official rate recorded by various agencies. The lack of clarity makes it difficult to judge whether Perth is getting on top of its housing issues — as Roger Cook says — or if it is stuck in the grip of a crisis that will go down in history. SQM Research claims the January rate for Perth is 0.4 per cent — the second tightest in the country after Hobart — while the Real Estate Institute of WA says it is 2 per cent. REIWA claims it has maintained a consistent methodology when collecting the data, even when vacancy jumped 80 per cent in 31 days, from 0.6 per cent in July last year to 1.4 per cent the following month. Similar groups like Proptrack, Domain and CoreLogic record Perth’s rental vacancy between these two extremes. The only thing they agree on is that it remains below the 2.5 to 3 per cent range considered a normal market. Analysis of rental adverts shows the market is potted, with drastic improvement in some areas and crisis-level problems in others. In early 2023, The West featured a story about some international students who offered $1000 a week for a two-bedroom city apartment — more than 25 per cent above the asking price — with a massive $17,000 paid upfront. These days, with more than 120 CBD apartments sitting empty and looking for a tenant, it is landlords who are more likely to be struggling. Baldivis is another hotspot, with about 80 homes currently seeking a tenant. But some agents are still getting 50 applications for a single rental in some areas. There is currently only one home for rent in many suburbs, including Koondoola, Carine, Hamersley, Gwelup and Murdoch. Affordability is an issue across the board. Fewer than 100 rentals currently advertised are seeking rent of $450 a week or less, and of those, just over half are for single rooms in a share house. For many, the crisis continues.