PERTH rents maintained the gains made in the March quarter 2019, the first time they have done so since the December quarter 2016.
According to Reiwa’s June quarter 2019 data, both the median house and unit rent were $10 per week higher than the same time last year, rising to $360 and $330 per week respectively.
They showed the same yearly gain in the March quarter.
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READ NOWThe overall median rent price was still stable at $350 per week.
Reiwa.com data showed the top performing suburbs for rent price growth over the three months to June were in the upper mid-range of the market.
“Bull Creek ($425 per week), Stirling ($450 per week), Yangebup ($380 per week), Mt Lawley ($485 per week) and Applecross ($520 per week) were the five best performing suburbs for the quarter,” president Damian Collins said.
“An important aspect to note is that these top suburbs have a median rent price higher than the average per week, which showcases that there are some areas in the mid-to-upper segment of the Perth rental market in favour of landlords.”
The number of properties for rent in Perth increased 10 per cent to 7,448 properties at the end of the quarter, but was 15 per cent lower than the June quarter 2018.
Mr Collins said this demonstrated a significant annual decrease.
“Despite stock levels increasing, provided landlords listen to the advice of their property manager and price their rental in line with market expectations, they have a very good chance of securing a tenant,” he said.
It took landlords an average of 41 days to find a tenant this quarter, which was one day faster than the March quarter.
“It is also six days faster to lease a property than it was during last year’s June quarter, which is a notable improvement,” Mr Collins said.
There were 11,954 properties leased during the June quarter compared to 13,959 properties the previous quarter.
“Although leasing activity softened during the June quarter, activity levels remain above long term averages,” Mr Collins said.
“With key indicators of Perth’s rental market improving or stabilising this quarter, we can expect these positive trends to continue.”
