Despite July property data indicating a further decrease in median house prices, the rental market has held firm, according to The Real Estate Institute of Western Australia (REIWA).
REIWA said Perth’s rental market had remained steady for three months and the median rent is unchanged at $450 per week.
Typically, this is around $460 per week for a house and $435 for a unit, apartment or villa.
However, the institute added that the median rent in both the Cities of Canning and Kalamunda dropped $10 to $440 per week, while through South Perth and Victoria Park the median fell $20 to $450 per week.
REIWA data also showed rental listings up 4 per cent, or 208 properties, to 6,032 dwellings in total.
Institute president David Airey said the greatest increase in rental listings was in Perth’s south east, through Armadale and Gosnells, where listings were up 12 per cent to 385 properties for the month, along with the City of Perth, up 11 per cent to 700 properties.
“Despite the general increase in rental listings, some areas saw a tightening in these with the biggest fall being noted in the western part of the City of Stirling, down 37 properties to 292,” Mr Airey said.
REIWA’s property data for July showed that Perth’s median house price had dropped further since the end of June.
The preliminary data for the three months to July show the median price down a further 0.2 per cent to around $540,000.
Mr Airey said weaker market activity in the central part of the metropolitan area, where prices are generally higher, had contributed to the softening of the Perth median.
“Our analysis suggests Perth’s median price for the three months to July looks to have fallen 1.8 per cent from the market peak in the three months to April,” he said.
“Reported sales continued to trend downwards and were 10 per cent down on June and similar to April, when there was a notable seasonal dip in sales over the Easter and ANZAC Day holiday period.”