While the overall median rent is steady in Perth, it has softened since June and vacancy rates remain above average.
According to the Real Estate Institute of Western Australia (REIWA), Perth’s rental market continues to experience an above average vacancy rate of four per cent, although there were 150 fewer rental listings for September when compared to August.
REIWA president David Airey said that while the overall median rent was steady at $450 per week for the metropolitan area, rents had softened since June.
“Typical rents for houses have dropped $10 over the last three months to $450 per week, while rents generally for units and villas have dropped by around $15 since June to about $430 per week,” he said.
Perth’s median house price lifted a little in September, while there was only a marginal decline in sales volume for the month.
Data from the REIWA showed the metropolitan median was up by almost one per cent to around $544,000 in the three months to September as sales picked up last week.
REIWA president David Airey joked that with no WA team in the AFL grand final it seems more people got away from the television and went house hunting over the last few days.
“Actually, it’s always the case that September is a slow sales month with Father’s Day, various sporting finals, the Royal Show and the long weekend interrupting things,” he said.
“Although there was a pick-up in sales at the end of September, numbers overall for the September quarter were down by seven per cent on the June quarter, and down 15 per cent on the same time last year.”
Mr Airey said the lift in the monthly median reflected a compositional shift in sales with a small increase in turnover closer to the city and some weakness in outer urban markets.
“This may be a result of the numbers of first home buyers slipping away,” Mr Airey said.
Areas that saw a pick-up in sales for September included the eastern and western parts of the City of Stirling, the cities of Fremantle, Vincent and Melville, along with the Town of Kwinana.
Weaker sales activity was reported through the cities of Joondalup and Belmont.