Hayden Groves, president of REIWA, said all the sub-regions in the Perth metro area experienced increases in leasing activity, with the south east and central sub-regions being the standout performers, lifting 7% and 5% respectively over the three months to October 2016.
“Perth’s rental market has certainly presented its challenges in recent times, however it’s pleasing to see that leasing activity is healthy across the metro area. Tenants clearly recognise that there is a good opportunity in the current market to secure themselves a new lease at a more affordable price,” Groves said.
Listings for rent declined in the three months to October, pulling back 2% on the three months to September, while the average number of days it took to lease a rental remained unchanged at 53 days. The vacancy rate for October was 6.9%.
“Although listings remain at elevated levels, we are seeing signs that stock volumes have begun to stabilise with the rate of increase slowing in recent months. There was also little change to Perth’s overall median rent price in the three months to October, with the price adjusting back slightly to $365 per week.
“While the Perth rental market clearly still presents some difficulties for investors, it’s important to remember that although rents have fallen, so too have interest rates with many investors able to ride out the downturn as a result. Perth investors are well advised to heed the advice of their property managers to help ensure their rental appeals to tenants in what is a competitive market.”
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