Perth rents up for the first time in over 3 years: REIWA

Perth rents up for the first time in over 3 years: REIWA
Perth rents up for the first time in over 3 years: REIWA

Perth’s median rent increased to $360 per week in February and is the first increase the Western Australian property market has seen since January 2017.

REIWA President Damian Collins said median rents had remained stable for the longest period since reiwa.com first started capturing rental data in 2001.

“While the overall increase in median rent was up by $10 per week in February, this is a significant step in the WA property market and one we have been waiting a long time for."

“This increase can be attributed to Perth’s vacancy rate dropping to 2.2 per cent, which is the lowest it has been since March 2013, coupled with listings for rent on reiwa.com being down compared to January.”

The top suburbs by median rent price growth for February include Stirling, Shenton Park, Ocean Reef, Thornlie and Bertram.

Mr Collins said, “leasing activity dropped nine per cent compared to January and days to lease has improved by one day to take on average only 28 days."

“As we head into March, which is usually one of the busiest months of the year for the rental market, it will be interesting to see how the market performs and if rents continue to rise, which is possible given the low vacancy rates,” he concluded.

Tags: 
Perth Rental market

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