While December is traditionally a slow month for the rental market, Perth managed to buck the trend in 2020 with an overall increase in leasing activity.
The Real Estate Institute of Western Australia (REIWA) revealed that there were 3,655 rental properties leased in Perth during December, an increase of 9 per cent from the previous month.
While recent months saw leasing activity decline, REIWA president Damian Collins said “it is pleasing to see in a time where we traditionally see activity slow down, that it has picked up”.
Data showed that 100 suburbs saw an increase in leasing activity in December, with East Victoria Park, Harrisdale, Cloverdale, Averly and Port Kennedy being the biggest improvers.
Other suburbs to perform well included Willetton, Maylands, Clarkson, Bayswater and Applecross.
Perth’s overall median rent increased by $5 to $395 per week, which is the fourth month in a row rents have increased. It’s also the highest it has been since February 2016.
Overall, Perth’s higher end of the market saw the biggest gains in terms of increase in median weekly rent, with Mount Pleasant and Duncraig increasing by 4 per cent to $550 and $520 per week, respectively.
This was followed by Applecross with an increase of 3 per cent to $650, Alkimos with an increase of 2.9 per cent to $340 and Wanneroo with an increase of 2.9 per went to $360 per week.
“As we see rental stock levels continue to remain low, we can expect rents to continue increasing. However, we need to remember that rents are still a lot cheaper than they were in 2014,” Mr Collins concluded.