Leasing activity rebounds strongly in Perth

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Leasing activity in Perth lifted 32% in May, and 4,915 properties were tenanted over the month, according to the latest data from the Real Estate Institute of Western Australia (REIWA).

Hayden Groves, president of REIWA, said that although Perth’s private rental sector continued to present challenges for landlords, tenant activity was very healthy in the metro area.

“Leasing activity was slightly subdued in April as a result of the Easter and ANZAC Day breaks, but rebounded strongly in May to record levels which now sit 17 per cent higher than they did in May 2016,” he said.

Data from REIWA shows that all five sub-regions experienced notable surges in activity over the month, with the North East sub-region the standout for May, increasing by 35.5%.

“The South West and Central sub-regions also had particularly strong months, recording increases in leasing activity of 33.7 per cent and 33 per cent respectively. At a suburb level, East Perth, Perth and Scarborough in the Central sub-region had the highest volume of properties leased in May.”

Although rental shocks remain elevated in Perth, REIWA’s data for May indicates that listings were stable over the month with no change recorded. “Additionally, when compared to May 2017, the volume of properties for rent had only increased marginally by one per cent, which hints to signs that listing levels have finally begun to stabilise,” Groves said.

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