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Perth's rental market steady

Perth's rental market steady

by Staff Reporter 2 comments

Perth's housing market has remained steady in August with the median house price and rent showing no movement since the previous month.

Data for August from the Real Estate Institute of Western Australia (REIWA) shows the rental market is stabilising, with the median rent remaining at $450 per week, despite the high vacancy rate.

REIWA president David Airey said rental listings are up 47 per cent on the same time last year, with 5,903 properties currently on the market.

Many of the new rentals are through Joondalup, Wanneroo, Armadale and Cockburn.

The data also shows the metropolitan median price remains at $540,000 but sales turnover has slumped by almost 25 per cent over the past three months.

Mr Airey said there was always a seasonal dip in the winter months and sales usually picked up heading into spring.

There were 1,734 reported sales in the month of August, down by six per cent on July, while the number of properties on the market was up by one per cent with 10,049 listings.

The cities of Bayswater, Bassendean and Vincent showed the strongest increase in listings.

Perth's rental market steady
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