Some signs of life in Perth’s challenging rental market: REIWA
The rental property market Perth’s north east sub-region recorded a 4.7 percent increase in leasing activity in the June 2016 quarter and the south west sub-region an increase of 0.2 percent.
Overall Perth leases for houses and units fell 5.2 percent in the June quarter. The overall median rent for houses and units combined fell $15 to $380 per week.
REIWA President Hayden Groves said while the central sub-region had the biggest decline in activity in the three months to June, dropping off 8.5 percent.
“There was a notable lift in activity in the north east sub-region, and we also saw signs of strength in the south west sub-region with activity lifting 0.2 percent,” he said.
"As with leasing activity, the North East and South East sub region’s median rent price held steady over the quarter with no change.
"Despite the rental market becoming more affordable overall for Perth tenants, there were still some suburbs throughout the metropolitan area that were benefiting investors.
“For example, 30 percent of the 124 suburbs in the Central sub-region experienced either an increase in their median rent prices or had stable rents.
“Average leasing days for the three months to June sits at 50 days, which isn’t surprising given that the volume of rental properties available for lease on the market pushed past 11,000 in the three months to June,” Mr Groves said.