Relocations lifting market
THE Perth vacancy rate fell to 4.5 per cent in August, the lowest it has been since April 2015, according to REIWA.
It was one of several promising signs for the rental market, with improvement recorded across all key indicators.
The overall Perth median rent was unchanged at $350 per week for the 17th month in a row, while leasing activity increased 17 per cent during August, with 4805 dwellings leased.
“What we are seeing is a steady yet healthy improvement in tenant activity,” REIWA president Hayden Groves said.
“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.”
Reiwa.com data showed Leederville, Glendalough and Secret Harbour experienced the most significant growth in leasing activity during August.
“Leederville had more than double the amount of properties leased from July to August, with the volumes increasing by an impressive 183 per cent,” Mr Groves said.
“Typically, as we move into these warmer spring months, the property market should see an overall uplift in activity.” RENTAL market activity in the Highgate/Mt Lawley/Inglewood corridor remained steady over winter, according to Knight Frank Residential.
Head of property management Tom Berry said despite the cooler months normally being quiet, evening and weekend home opens had been very successful, constantly attracting large numbers of potential tenants.
“Modern and renovated properties remain in demand within the city and city-fringe areas,” he said.
“A recent home open at one of our Mt Lawley properties attracted 10 potential tenants.
“We are also seeing increased activity in the market from companies relocating staff back to Perth from the eastern states and also overseas students.
“There is increasing activity in the resources sector, which is also starting to filter through to the rental market.”
Mr Berry said innercity and city-fringe areas continued to remain popular and with the growing activity in the market this would continue to increase given these areas’ close proximity to the city, parks and the cafe lifestyle which came with cityfringe living.
Regardless of the improving market, Mr Berry said investors still needed to present properties well to secure tenants.
“First impressions are everything,” he said.
“A property has to stand out online to entice a potential tenant to even attend an inspection; that is why we only use professional photos to advertise properties.”
Using a property manager who provided a flexible service was also important.
“Property managers need to make sure we are available to show properties at times that suit potential tenants, not the other way round,” he said.