Perth rental listings are down, pushing vacancy rates to their lowest levels since 2013, fresh data is showing.
Rental listings in the capital city were down in December by 6 per cent to 6,865, according to the REIWA.
Damian Collins, president of the REIWA, said that there is a trend emerging.
“In addition to the decline we’ve seen during the month, listings are now a staggering 27 per cent lower than they were a year ago,” he said.
“This significant reduction in listings, combined with stable rent prices and healthy leasing volumes, has pushed the Perth vacancy rate to 2.9 per cent, the lowest level Perth has experienced since March 2013.”
Median rents in Perth, however, remained steady for the month at $350 per week, while median house rents rose by $8 to $360 per week, which Mr Collins viewed as encouraging.
“Traditionally, the first few months of the year are a busy time for leasing activity,” he said.
“If the rental market remains on its current upward trajectory, we should see rent prices increase throughout the year, which should entice investors back into the market.”
The REIWA is also reporting that during December, Perth saw median house prices hold steady at $510,000.
While unchanged compared to last month, this was a rise of 2.6 per cent compared to September.
Mr Collins said this showed the median house price in Greater Perth was holding up well, “which is good news as the market transitions towards a recovery”.
“Median prices provide a good indication of market trends; however, it is important to take a closer look at how individual sectors are holding up,” Mr Collins said.
“For example, although overall sales are down in Greater Perth, [REIWA] data shows activity in the $800,000-plus price range has strengthened.”
REIWA data also revealed that listings were down by 9 per cent compared to last month.
The biggest listing drops for Perth were found in Trigg, Hilbert, Gwelup, Parkwood and South Fremantle.
“After observing a surge in listing stock during spring, listing volumes were more subdued in December, which is very typical as vendors are generally less inclined to try and sell during the holiday season,” Mr Collins said.