Powered by MOMENTUM MEDIA
realestatebusiness logo
Subscribe to our newsletter SIGN UP

Perth vacancy up 135pc

04 February 2014 Steven Cross

While the Perth sales market made a miraculous recovery in the last quarter of 2013, figures from the REIWA suggest the rental market didn’t weather so well.

According to the latest figures from the Real Estate Institute of Western Australia (REIWA), the metropolitan vacancy rate grew further, to around 3.2 per cent, as more than 700 additional rentals came onto the market.

The result is 135 per cent higher than results from the year before in 2012, with more than 4,800 rental properties currently available for lease through REIWA agents.

President of the REIWA David Airey said rents reflected the subdued vacancy environment.

“In response to the competition, the Perth median rent came down by $10 to $460 per week and represented a drop of $15 per week since the middle of last year.

“It seems the downturn of jobs in the mining sector as well as many former tenants having now become first home owners has caused the rental system to relax a little,” Mr Airey said.   

Perth vacancy up 135pc
lawyersweekly logo
FROM THE WEB
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast

Network or independent?

Independent
Network, the bigger the better
Network, but midsized
Niche group, small and agile
Do you have an industry update?
REAL ESTATE BUSINESS NEWSLETTER
Ensure you never miss an issue of the Real Estate Business Bulletin. Enter your email to receive the latest real estate advice and tools to help you sell.