REIWA June Quarter Report: some suburbs buck downward trend

REIWA June Quarter Report: some suburbs buck downward trend

WHILE the Perth rental market recorded a decline in leasing activity in the June quarter, some areas bucked the trend.

According to reiwa.com, the number of leased properties in the overall Perth market for houses and units declined 5.2 percent, but the North East sub-region recorded a notable 4.7 percent increase.

President Hayden Groves said there were also signs of strength in the South West sub-region, with activity lifting 0.2 percent.

When it came to individual suburbs, Perth’s top performer was Ascot in the Central sub-region with 88.2 per cent growth in leasing activity.

Top performers for leasing activity per sub-region

Ascot (Central) +88.2 per cent

Wycombe (North East High) +19.4 per cent

Duncraig (North West) +55 per cent

Maddington (South East) +24.4 per cent

Secret Harbour (South West) +38.8 per cent

Rental affordability for tenants continued to improve over the June quarter, with the overall Perth median rent for houses and units dropping $15 to $380 per week.

There was some positive news for investors, with the median rent holding steady in the North East and South East sub-regions and some suburbs in the metropolitan area recording rental growth.

Burswood, in the Central sub-region, and Padbury in the North West sub-region had the greatest growth, with the median rent increasing $37 to $510 per week and $415 respectively.

According to reiwa.com data, the time taken to lease a property in Perth increased by one day.

“Average leasing days for the three months to June sits at 50 days, which isn’t surprising given that the volume of rental properties available for lease on the market pushed past 11,000 in the three months to June,” Mr Groves said.

Top increase in median rent per sub-region

Burswood (Central) $510/wk median rent, +$37 on March quarter

Forrestfield (North East) $400/wk median rent, +$20 on March quarter

Padbury (North West) $415/wk median rent, +$37 on March quarter

Harrisdale (South East) $420/wk median rent, +$20 on March quarter

Shoalwater (South West) $350/wk median rent,+$30 on March quarter