Perth rental market subdued in June quarter, but annual leasing figures remain strong

Leasing activity in Perth was more subdued in the June quarter than it was in the March quarter, but when compared to the same time in 2016 reiwa.com data shows leasing levels in Perth increased by six per cent.

REIWA President Hayden Groves said although activity had dropped off across the metro area in the three months to June, annual activity levels had continued to improve.

“The data for the June quarter 2017 clearly shows an uptick in activity on an annual basis across the board, which is pleasing. We’re seeing notably more properties being leased now than we were this time last year.

“All five sub-regions saw lifts in their annual activity levels. The stand out performers were the South East and Central sub-regions, which improved by 10.5 per cent and 6.6 per cent respectively when comparing June quarter 2017 to June quarter 2016,” Mr Groves said.

Despite Perth experiencing a decline in activity on a quarterly basis, there were a number of suburbs throughout the metro area which saw the volume of leased rentals increase over the quarter.

“Huntingdale, Booragoon, Bedford, Aubin Grove and Sorrento saw the biggest improvement in leasing activity in the three months to June 2017,” Mr Groves said.

Median rent price
Perth’s overall median rent price softened in the June quarter, edging back slightly to $350 per week from $360 in the March quarter.

Mr Groves said this was a trend felt across each of the sub-regions, but a number of suburbs had stood out over the quarter, recording increases in their overall median rent price.

“Karrinyup in the Central sub-region was the best performing suburb for rent price, with its overall median lifting to $570 per week for the three months to June.

“Other suburbs to record positive growth to their median rent prices were Booragoon, East Fremantle, Mount Pleasant and Mindarie,” Mr Groves said.

reiwa.com data shows the median house rent price for the three months to June came in at $360 per week, while Perth’s median unit price was recorded at $330 per week.

Average leasing days
It took an average of 52 days for Perth landlords to secure a tenant for their rental in the June quarter.

Mr Groves said the figure recorded for the three months to June was fairly steady on the March quarter, having only increased by one day.

“This stability was felt across all sub-regions, with only minor changes recorded in the average leasing day figure for the June quarter. The North West sub-region was the only sub-region to experience a reduction in the number of days it took to lease a property, while the South East sub-region saw no change,” Mr Groves said.
Transcript from REIWA

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