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Some relief in challenging main city rental market

Some relief in challenging main city rental market

by Tim Neary 0 comments

While the number of leased properties in the combined Perth market fell 5.2 per cent in the June quarter, some areas continued to perform well.

Perth’s north-east sub-region was the standout performer, recording a 4.7 per cent rise in leasing activity across the quarter.

REIWA President Hayden Groves said along with the north-east sub-region, there were also signs of strength in the south-west sub-region, where activity lifted slightly by 0.2 per cent

The central sub-region had the biggest decline in activity, falling 8.5 per cent.

Tenants continued to enjoy improved affordability in the rental market in the June quarter, with the overall median rent (houses and units) dropping $15 to $380 per week.

“As with leasing activity, the north-east and south-east sub-region’s median rent price held steady over the quarter with no change,” Mr Groves said.

REIWA data shows the south-west sub-region saw the biggest shift in median rent price over the quarter, now at $360 per week.

Despite the rental market becoming more affordable overall for Perth tenants, there were still some suburbs throughout the metropolitan area that were benefiting investors, Mr Groves said.

“For example, 30 per cent of the 124 suburbs in the central sub-region experienced either an increase in their median rent prices or had stable rents.”

The data also shows it took one day longer in the June quarter to lease a property than it did in the March quarter.

“Average leasing days for the three months to June sits at 50 days, which isn’t surprising given that the volume of rental properties available for lease on the market pushed past 11,000 in the three months to June,” Mr Groves said.

[Related: Record clearance rates in capital cities]

Some relief in challenging main city rental market
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