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Hear it from Real Estate Institute Western Australia (REIWA) themselves!
Leasing activity across the Perth rental market spiked 17% in August 2016, according to the latest reiwa.com data.
Hayden Groves (REIWA President) said the jump in activity was coupled with a 3% drop in the number of properties available to rent over the month.
“Perth’s rental market has certainly presented challenges for investors over the last 18 months, so it’s a good sign that in August there was an improvement in listing levels and a notable increase in activity,” Mr Groves said.
All five sub-regions experienced a surge in the number of leased properties in August, with the biggest spikes occurring in the Central sub-region (up 19%) and the North West sub-region (up 17.4%).
“We’ve seen a clear upward trend in leasing numbers across Perth. Although WA’s population growth has slowed in recent times, there has been a small lift in overseas migration into the state. This, combined with improved affordability in the rental market assisting tenants who are house sharing to move out on their own, has contributed to an increase in leasing activity,” Mr Groves said.
Perth’s overall median rent price dropped $5 to $375 in the three months to August.
“In terms of houses and units, the median house price rent in Perth came in at $380 for the three months to August, while for units the median rent price was $350 per week.
“Despite the improvement in listing levels in August, the supply of rental stock in Perth remains above long term averages which has put some downward pressure on rent prices.
“Perth tenants continue to have plenty of choice in the market and are in a good position to secure a rental lease at a more affordable price,” Mr Groves said.
For more Perth metro market information, visit the Perth metro page.