VINES RENTAL FRUITFUL
THE Vines is among the 10 Perth suburbs where rental properties are being snapped up fastest, according to REIWA.
In the three months to May, the suburb’s landlords took 31 days on average to secure a tenant for their rental, compared to the Perth metro average of 45 days.
The Vines also recorded the biggest reduction in average leasing days, down 34 days on the same time last year.
White Gum Valley topped REIWA’s list, followed by Scarborough and Shenton Park.
“In White Gum Valley, landlords are finding tenants in approximately 27 days – 18 days faster than the Perth metro average – while in Scarborough and Shenton Park it takes 28 days and in Pearsall and Leederville 29 days,” REIWA president Hayden Groves said.
The data showed all but one of the suburbs on the list had a median house rent price above the Perth metro median of $350 per week.
“Number 6 on the list, Floreat, has a median house rent of $543 per week, close to $200 more than the Perth metro average,” Mr Groves said.
“Many of these suburbs are well-established areas, typically popular with the trade-up and luxury segment of the residential market.
“This suggests tenants are finding good value in suburbs that might otherwise be considered out of their price range and are acting fast when rentals become available for lease.”
Like The Vines, all the suburbs on the list except Shenton Park had a notable improvement in average leasing days over the past year.
“A combination of strong leasing activity levels and declining listings has caused the pendulum to start to swing in favour of landlords,” Mr Groves said.