VINES RENTAL FRUIT­FUL

Ellenbrook Advocate - - RESIDENTIAL -

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.

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