Perth rental market subdued in June quarter

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Aug 15, 2017

Perth rental market subdued in June quarter

“The data for the June quarter 2017 clearly shows an uptick in activity on an annual basis across the board, which is pleasing," said REIWA president, Hayden Groves.

Image by RuRu_SG via Pixabay

Perth's rental market is patchy.
Hayden Groves, president of the REIWA.

Leasing activity in Perth was more subdued in the June quarter than during the previous quarter, but when compared with the same period in 2016, REIWA data shows leasing levels in Perth were up six per cent.

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

“We’re seeing notably more properties being leased now than we were this time last year," said Groves.

The standout performers were the South East region which saw a 10.5 per cent increase in activity, and the Central regions, which by 6.6 per cent from the June quarter 2017 to June quarter 2016, Groves said.

Perth rental market patchy

Perth saw a decline in activity for the quarter, but some suburbs saw volumes increase for the quarter.

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

Median rent softened

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

But Groves said there were some exceptions.

“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," said Groves.

Booragoon, East Fremantle, Mount Pleasant and Mindarie also saw rents rise, said Groves.

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

Average leasing days up slightly

It took an average of 52 days for Perth landlords to secure a tenant for their rental in the June quarter, a one-day increase on the March quarter result.

“This stability was felt across all sub-regions, with only minor changes recorded in the average leasing day figure for the June quarter," said Groves.