Perth rentals up 37% in 12 months to November: REIWA

Perth rentals up 37% in 12 months to November: REIWA
Jennifer DukeDecember 1, 2014

While Perth’s property market was largely stable in November, the rental market has shown significant changes in the past 12 months, according to Real Estate Institute of Western Australia (REIWA) data.

There are now 6,111 rentals on the market – up 37% year on year.

However, rents are stable, at $450 per week for houses, while units have slipped slightly from $430 per week to $425 per week.

The vacancy rate sits under 4%, with little change forecast.

REIWA president David Airey said there has been a slight pickup in sales activity from the September quarter into October that appears to have been somewhat strong through November.

Listings for sale were up 13% in November, to 13,588 properties – up 40% on November 2013.

Airey said that this is a healthy return to an environment of choice that hasn’t been seen in Perth for a few years.

“Perth’s median house price appears to have picked up a little too, but this is nothing to get excited about,” Airey said.

Airey said that the skewed results were solely the result of an increase of near city sales that are pushing the median temporarily higher.

“As a result the Perth median is more likely to be steady at around $550,000.”

Jennifer Duke

Jennifer Duke was a property writer at Property Observer
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