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Property stays steady in November

Property stays steady in November

by Staff Reporter 0 comments

The Perth rental market remained stable over the month of November, according the Real Estate Institute of Western Australia.

REIWA president David Airey said the median rent across Perth remained $450 per week, although rents for apartments appeared to have dipped by a modest $5 to around $425 per week.

“The vacancy rate is just under four per cent, and if the large number of rentals available continues over summer, there's not likely to be much change to the competitive market we have now, with plenty of choice for tenants,” Mr Airey said.

According to REIWA, there are 6,111 rentals currently on the market, up by 37 per on the same time last year.

Mr Airey also said the slight pick-up in sales activity coming out of the September quarter and into October seems to be tracking through November as well.

“Perth’s median house price appears to have picked up a little, too, but this is nothing to get excited about.”

Mr Airey said the increase with near-city sales activity, which is generally more expensive stock, has skewed the median temporarily upwards and “as a result, the Perth median is more likely to be steady at around $550,000”.

REIWA data shows sale listings grew by 13 per cent in November, taking the total to 13,588 properties and up by almost 40 per cent on the same time last year.

“This is a healthy return to an environment of choice not seen in a few years, and means that buyers now have a greater variety of options, including locations and dwelling types,” Mr Airey said. 

Property stays steady in November
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