Leasing in Perth up by 6 per cent over past year, but quarterly activity down

REIWA President Hayden Groves.
REIWA President Hayden Groves.

PERTH leasing activity has increased by 6 per cent in the past 12 months, despite experiencing a decline in activity on a quarterly basis.

“The data for the June quarter clearly shows an uptick in activity on an annual basis across the board, which is pleasing,” REIWA president Hayden Groves said.

“We’re seeing notably more properties being leased now than we were this time last year.

“The standout performers were the South-East and Central sub-regions, which improved by 10.5 per cent and 6.6 per cent respectively when comparing the June 2017 quarter and June 2016 quarter.”

While all five sub-regions across the metropolitan saw lifts in their annual activity levels, there was only a handful of suburbs that saw the volume of leased rentals increase over the quarter.

“Huntingdale, Booragoon, Bedford, Aubin Grove and Sorrento saw the biggest improvement in leasing activity in the three months to June 2017,” Mr Groves said.

Perth’s overall median rent price softened in the June quarter, dropping slightly to $350 per week from $360 in the March quarter.

Mr Groves said this was a trend felt across each of the sub-regions but some suburbs had recorded increases in their overall median rent price.

“Karrinyup was the best-|performing suburb for rent price, with its overall median lifting to $570 per week for the three months to June,” he said.

“Other suburbs to record a positive growth to their median prices were Booragoon, East Fremantle, Mt Pleasant and Mindarie.”

Reiwa.com data also showed it took an average 52 days for landlords to secure a tenant for their rental in the June quarter, an increase of only one day from the March quarter. n