Perth rental shortage eased in July: REIWA
There were 2,734 properties for rent in Perth at the end of July, according to reiwa.com data.
Listings for rent have increased 13 per cent since the height of the rental shortage in December 2020.
"Although there is still a rental shortage, this is an encouraging trend that needs to continue to achieve a balanced market,” Damien Collins said.
The five suburbs to record the biggest increase in rental listings during July were Bayswater, Mount Hawthorn, Halls Head (photographed), Ascot and Bassendean.
"The increase in listings since January reinforces that investor confidence is slowly starting to return," he noted.
"This is also backed up by Australian Bureau of Statistics data which shows investor loan approvals in Western Australia increased to $498 million in May 2021, which is 10 per cent more than April 2021 and 209 per cent more than May 2020.
“We still have some way to go before we get back to a balanced market, but the early signs are good."Perth rental market
Perth’s median rent price was stable in July, holding at $425 per week.
“Although the Perth median rent price has increased over the last year, we are still $25 cheaper than the peak median rent price of $450 per week in 2013 and 2014.
"It’s reassuring for tenants that the rate of growth has slowed since the end of the rental moratorium.
Leasing activity increased 0.3 per cent in July and is up 7.1 per cent compared to April.
Victoria Park saw the biggest increase in leased properties, with activity up 71 per cent in July compared to June.
Other suburbs to perform well were Maylands (up 63 per cent), Piara Waters (up 50 per cent), Balga (up 50 per cent), Dianella (up 40 per cent) and Southern River (up 38 per cent).