PERTH’S rental market has turned a corner, according to REIWA.
The latest data from reiwa.com showed leasing activity increased 4.7 per cent over the September quarter, while listings for rent declined 9.5 per cent.
“The Perth rental market has improved over the last year,” president Hayden Groves said.
“Where we were previously experiencing low leasing levels and high listings, that trend has now reversed.
“Properties for rent are declining and leasing activity is strong.”
Reiwa.com data showed leasing activity increased in all five sub-regions over the quarter.
“The North-West sub-region was the standout, with activity up 9.8 per cent, followed by the North-East sub-region with a 4.4 per cent increase,” Mr Groves said.
“At a suburb level, Hillarys, Ridgewood, Attadale and Bibra Lake were the biggest improvers.”
Perth’s overall median rent price remained at $350 per week in the September quarter.
“After a sustained period of declining rent prices, it’s encouraging to see Perth’s median rent remain stable over the last two quarters,” Mr Groves said.
“With three key indicators of Perth’s rental market improving or stabilising, landlords and property investors can be confident the market has turned a corner.
“We expect these positive trends will continue as demand for rentals exceeds the number of properties available for lease.”