Property News Wrap Up, May 2019

Read more for your Perth Property Market Snapshot for May 2019.

Perth Rental Market

Below are the most recent REIWA stats for the week ending 26 May 2019.

The rental market in May enjoyed a strong rebound off the back of a subdued April with leasing activity is up 13% in May according to REIWA’s latest statistics, with 4,316 properties leased during the month.

In May the suburbs saw that saw the biggest spike in rental activity were Warnbro, East Victoria Park, Balga, Quinns Rock and Cloverdale. Yokine, Bertram, Halls Head, Hillarys and Golden Bay also performed well during May.

Rental prices have remained steady in Perth with the median rent sitting at $350 / week. While the rent prices remain steady, 26% of suburbs across Perth have experienced a median rent price increase with the following suburbs experiencing the biggest surge Subiaco, Mosman Park, Warnbro, Dudley Park and Cloverdale.

Rental listings remain substantially lower than this time last year however, we are starting to see a gradual increase in properties available for rent. It is likely that the sale stock is impacting the rental market listing volume with more sellers now opting to convert their home in to a rental instead of selling in the current market conditions.

Sales & Rental Trends

CoreLogic’s latest data is showing that dwelling values in Perth have declined 1% in May. While overall prices have declined, REIWA has reported that 28% of suburbs saw significant improvements in the median house price. The top performing suburbs were Erskine, Cottesloe, Hillarys, Kingsley, Wanneroo and Ballajura.

Although prices were down in Perth, REIWA data shows that sales volumes improved from a weak April with 43% of suburbs recording an increase in sales activity.

REIWA has reported a total of 512 transactions recorded over the last week which is around 4% lower than the same time last year.

Take a look at REIWA’s breakdown below:

Perth’s Top Rental Suburbs

Looking at a snapshot of Perth’s rental market, the top rental suburbs are Maylands, Scarborough, Yokine and Dianella. The following suburbs currently have the most available rental properties; Perth, East Perth, South Perth and Scarborough.

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