Despite the challenging market outlook on rental markets, latest figures from the Real Estate Institute of Western Australia (REIWA) showed that Perth, particularly some of its suburbs, has shown improvement, with rental stock quickly being absorbed.
According to REIWA, rental listings fell in May to 4,676, the lowest level since November 2013. Damian Collins, president of REIWA, said this indicates that the city's housing market is "doing quite well" amid the uncertainties.
"The strong demand we have seen for rental properties continues, with a 27% increase in leasing activity compared with April, and the vacancy rate dropping significantly in the last two years," he said.
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Halls Head reported the strongest growth in rental activity with 33 leases in the month. Other suburbs with robust monthly leasing activity include Nollamora, Coolbelup, Joondalup, and Como.
The median weekly rent remained stable over the month at $350. Collins said rents in Perth might remain the same until the end of the year.
"Looking ahead, the median rent per week should remain at least stable until the end of the year, with any increase in rent only allowed on new rental listings. Legislation implemented in the Residential Tenancies Act 2020 means occupied rentals cannot have a rent increase until October," he said.
