Perth rental market improves in August: REIWA

The Perth market is showing signs of improvement, says REIWA.

The vacancy rate has dipped to 4.5% - the lowest since April 2015, says REIWA President Hayden Groves.

“What we are seeing is a steady yet healthy improvement in tenant activity,” Groves said.

“Steady rents, easing supply as listings for rent continue to fall and stronger demand with more leasing activity all point to the rental market leading Perth’s property market recovery.”

REIWA’s data also shows that leasing activity is up 17% in August, while the media rent remained steady for the 17th consecutive month at $350 per week.

Groves said that the rental market across the city is stabilising, while he suburbs of Leederville, Glendalough and Secret Harbour experienced the most significant growth in leasing activity during August.

“Leederville had more than double the amount of properties leased from July to August, with the volumes increasing by an impressive 18%,” Groves said.

“Typically, as we move into these warmer spring months, the property market should see an overall uplift in activity, and historically the sales market follows the rental market during a recovery.”