The Perth rental market saw a robust September quarter, with prices remaining affordable for tenants and landlords seeing much needed consistency over the past 18 months. That quarter recorded the longest period of stable rents the city has experienced, according to the Real Estate Institute of Western Australia (REIWA).
REIWA President Damian Collins said that the leasing activity was up, median rents remained steady, stock levels had slid, average leasing times were quicker and the vacancy rate had sank to its lowest level in over than four years.
“The rental sector is really leading the charge in the Perth property market recovery. The September 2018 quarter results are very encouraging and should provide landlords and investors with a lot of confidence,” he noted.
In terms of value, the overall median rent price was recorded at $350 per week for the sixth straight quarter.
Excluding units, it was seen that the median house rent hiked by $10 this quarter to $360 per week, a good sign for the overall market.
Unsurprisingly, median rents in 105 suburbs across the metro area also increased during the September 2018 quarter.
“The five best performing suburbs for overall rent price growth were Kallaroo (up 39.5% to $530 per week), City Beach (up 25.9% to $850 per week), Gwelup (up 24.5% to $623 per week), Cottesloe (up 23.5% to $605 per week) and Alexander Heights (up 21.9% to $390),” Collins revealed.
Connolly, Inglewood, Ashby, Beaconsfield and Wembley were also among the headliners.
Number of properties leased, meanwhile, totalled to 13,234, leading to a 5.2% increase in leasing activity compared to the June 2018 quarter.
The study further showed that 132 suburbs across the metro registered gains in terms of the number of property being leased. Among them, the five suburbs that generated the highest volumes were Perth (346), East Perth (343), Scarborough (319), Baldivis (243) and Maylands (235).
South Perth, Rockingham, West Perth, Rivervale and Midland were also among the top performers
Properties up for rent
Thanks to positive leasing activity and slowdown in new dwelling commencements, number of listings for rent improved.
There were 7,286 properties for rent in Perth at the end of the quarter, down 11.9% compared to the June 2018 quarter and 25.1% compared to last year’s September quarter.
“With less new properties coming onto the market, rental stock is being absorbed at a quicker pace, which has put downward pressure on listing volumes,” said Collins.
Finally, the average leasing time recorded was 46 days , and according to analysis, this is one day faster than the June 2018 quarter and eight days faster than the September 2017 quarter.
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