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Perth’s rental market appears to be recovering, with new reiwa.com data revealing improvements in leasing activity and listing levels during the September quarter.
REIWA President Hayden Groves said leasing activity increased 4.7 per cent over the quarter, while listings for rent declined 9.5 per cent. “The Perth rental market has improved over the last year. Where we were previously experiencing low leasing levels and high listings, that trend has now reversed. Properties for rent are declining and leasing activity is strong,” Groves said. Reiwa.com data shows leasing activity increased in all five sub-regions over the quarter.
“The North-West sub-region was the stand-out, with activity up 9.8 per cent, followed by the North East sub-region with a 4.4 per cent increase. At a suburb level, Hillarys, Ridgewood, Attadale and Bibra Lake were the biggest improvers,” Groves said. Perth’s overall median rent price remained at $350 per week in the September quarter. “After a sustained period of declining rent prices, it’s encouraging to see Perth’s median rent remain stable over the last two quarters,” Groves said.
“With three key indicators of Perth’s rental market improving or stabilising, landlords and property investors can be confident the market has turned a corner. We expect these positive trends will continue as demand for rentals exceeds the number of properties available for lease.”