Perth rental vacancy rate improves
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The Perth residential rental market continues to show signs of improvement, with the vacancy rate falling to 4.5 per cent in August, according to the Real Estate Institute of WA.
The latest figures from REIWA show the vacancy rate is at its lowest level since April 2015, as leasing activity rose 17 per cent in August, with 4,805 dwellings leased during the month.
The suburbs of Leederville, Glendalough and Secret Harbour experienced the most significant growth in leasing activity during August, with Leederville achieving an increase of 183 per cent.
REIWA president Hayden Groves said the figures indicated that confidence and stability is returning to the market.
“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,” he said.
Mr Grove said he expects this trend to continue over the next few months.
“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.”
The median weekly rent was steady for the 17th month straight at $350 per week, with no changes recorded since April 2017.
REIWA’s figures come just days after the latest data from CoreLogic showed Perth house prices have fallen for a fourth straight month.
The numbers found a 0.6 per cent decline in August.