Perth Rental Market
Positive signs are emerging from Perth’s rental market with REIWA’s latest data showing that the market saw its first median weekly rent increase since the December 2016 Quarter.
Median rental prices have risen $10 per week with houses and units to $360 and $330, since June 2018.
As per REIWA’s reports, the best performing suburbs that saw rent price growth during the June Quarter were in the upper mid-range of the market:
- Bull Creek ($425 / week)
- Stirling ($450 / week)
- Yangebup ($380 / week)
- Mount Lawley ($485 / week)
- Applecross ($520 / week)
These suburbs have a median house price higher than the average rent per week which showcases that these areas within the Perth rental market that are in favour of landlords.
There were 7,448 properties for rent in Perth at the end of the June Quarter which is 10% more than what we saw during the March Quarter and 15% less than June 2018 which demonstrates a significant annual decline.
With stock levels increasing on the previous quarter, now is a vital time to be listening to your property manager to ensure your rental property is priced in line with market expectations giving you the best chance of securing a quality tenant.
According to REIWA’s latest data, it took an average of 41 days to find a tenant during the June Quarter which is one day faster than the March Quarter and six days faster than June last year. These notable improvements coupled with leasing activity levels sitting above long-term averages are key indicators of Perth’s rental market improving.
Sales & Rental Trends
REIWA data shows that sales activity increased 7% mid-July, reporting 524 transactions.
This increase can be attributed to a 3% rise in house sales and a significant rise in vacant land sales however unit sales feel by 9% during mid-July.
As at July 22 listings for houses decreased by 1% while listings for units remained stable and vacant land increased by 2%.
Perth’s Top Rental Suburbs
Looking at a snapshot of Perth’s rental market as at July 28, the top rental suburbs are Perth, Scarborough, East Perth and Mandurah. The following suburbs currently have the most available rental properties: East Perth, Perth, South Perth and Scarborough.
If you have an investment property and are interested in an obligation-free chat with one of our experienced specialist Property Managers, contact us today.