Recent data from the Real Estate Institute of Western Australia (REIWA) has said while Perth properties available for lease have decreased slightly over September, it is still 50 per cent more than the same time last year.
The REIWA rental market results showed the number of properties available for rent diminished marginally to around 5,711 by the end of September.
“[However], this is almost 50 per cent more than the same time last year,” the REIWA said.
“It puts the vacancy rate at four per cent and means owners are taking an average of 33 days to find a tenant.”
Due to the high levels of stock, rents have softened in the Perth market as a consequence, with house rents dropping around $10 to a median of $450 per week and units, apartments and villas dropping by $15 to around $430 per week.
Despite the shift in rents through sections of the market, the overall median remained at $450 per week across metropolitan Perth, down by 4.3 per cent on the same time last year.
The data also showed Perth’s median house price has lifted by just under one per cent in the September quarter to $548,000.
However, REIWA president David Airey cautioned that the prognosis for the property market was pointing to a downturn for 2015.
“The extent to which the low level of sales, increase in listings, soft rental market and low consumer sentiment might influence the housing system in the longer term may become apparent in the December quarter,” he said.