Rental figures appear to have stabilised in the West, with 2,864 properties currently for rent in Perth – the same number as the week prior.
It’s on par with last week’s figures, according to the Real Estate Institute of Western Australia (REIWA), when 2,864 properties were also on offer.
It comes after the institute reported the city’s vacancy rate had dropped to 0.95 per cent on October – close to the 40-year low of 0.8 per cent reached back in 2007.
At the time, REIWA president Damian Collins said investors were still not responding to changed market activity and the decreased vacancy rate, despite the low interest rates currently on offer.
The latest rental listings figure is also on par with levels seen four weeks ago, but it is still drastically lower (53 per cent lower) than was reported over the same week last year.
Meanwhile, sales activity in the capital city decreased 3 per cent over the week.
Just 877 transactions were reported – from last week’s 918.
The REIWA attributed the decrease to a 4 per cent fall in house sales and a 4 per cent fall in unit sales. There was no change in vacant land sales over the week ending 22 November 2020.