The Perth rental market showed signs of life as the vacancy rate dropped to 4.5% in August, marking the lowest level it has been since April 2015, according to Real Estate Institute of Western Australia (REIWA).
With the market showing encouraging signs across all key indicators, property investors’ confidence in the leasing sector also improved.
“What we are seeing is a steady yet healthy improvement in tenant activity,” REIWA President Hayden Groves said.
He added that rental market is leading Perth’s property market recovery, thanks to steady rents, easing supply as listings for rent continue to fall, and stronger demand with more leasing activity.
Further, it was noted that leasing activity increased by 17% in August, with 4,805 dwellings leased during the month. Headlining the remarkable growth were the suburbs of Leederville, Glendalough and Secret Harbour.
“Leederville had more than double the amount of properties leased from July to August, with the volumes increasing by an impressive 183%,” Groves revealed.
“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.”
Perth’s median rent remains at $350 per week for the 17th month straight, with no changes recorded since April of last year.
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