The latest REIWA data showed that leasing activity in Perth’s rental market soared by 17% in August, with the biggest spikes occurring in the central sub-region and the northwest sub-region – up by 19% and 17.4%, respectively.

According to REIWA president Hayden Groves, this robust figure could have been prompted by a 3% drop in the number of properties available for rent over the month.

“Perth’s rental market has certainly presented challenges for investors over the last 18 months, so it’s a good sign that in August there was an improvement in listing levels and a notable increase in activity,” said Groves.

“Although WA’s population growth has slowed in recent times, there has been a small lift in overseas migration to the state. This, combined with improved affordability in the rental market assisting tenants who are house sharing to move out on their own, has contributed to an increase in leasing activity.”

The median rent price in Perth also dropped from $380 to $375 in the three months to August.

“Despite the improvement in listing levels in August, the supply of rental stock in Perth remains above long term averages which has put some downward pressure on rent prices,” said Groves.

“Perth tenants continue to have plenty of choice in the market and are in a good position to secure a rental lease at a more affordable price.”