The Perth rental market continues to show promising signs of improvement, with the vacancy rate falling to 4.5 per cent in August – the lowest it’s been since April 2015.
REIWA President Hayden Groves said the Perth rental market had shown encouraging signs across all key indicators.
“What we are seeing is a steady yet healthy improvement in tenant activity,” Mr Groves said.
“Steady rents, easing supply as listings for rent continue to fall and stronger demand with more leasing activity all point to the rental market leading Perth’s property market recovery.”
Leasing activity was up 17 per cent in August, with 4,805 dwellings leased during the month.
Mr Groves said reiwa.com data had revealed the suburbs of Leederville, Glendalough and Secret Harbour experienced the most significant growth in leasing activity during August.
“Leederville had more than double the amount of properties leased from July to August, with the volumes increasing by an impressive 183 per cent,” Mr Groves said.
“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 continues to hold for the 17th month straight at $350 per week, with no changes recorded since April 2017.
Mr Groves said it was pleasing to see stability return to the rental market, giving both tenants and property investors’ greater certainty and confidence in the leasing sector.