Perth rental vacancy rate at lowest level in over three years

Stock image.
Stock image.

THE Perth vacancy rate fell to 4.5 per cent in August, the lowest it has been since April 2015, according to REIWA.

It was one of several promising signs for the rental market with improvement recorded across all key indicators.

The overall Perth median rent was unchanged at $350 per week for the 17th month in a row, while leasing activity increased 17 per cent during August, with 4805 dwellings leased.

“What we are seeing is a steady yet healthy improvement in tenant activity,” REIWA president Hayden Groves said.

“Steady rents, easing supply as listings for rent continue to fall and stronger demand with more leasing activity all point to the rental market leading Perth’s property market recovery.”

Reiwa.com data showed Leederville, Glendalough and Secret Harbour experienced the most significant growth in leasing activity during August.

“Leederville had more than double the amount of properties leased from July to August, with the volumes increasing by an impressive 183 per cent,” Mr Groves said.

“Typically, as we move into these warmer spring months, the property market should see an overall uplift in activity, and historically the sales market follows the rental market during a recovery.”