LEASING TRENDS POSITIVE ANNUAL INCREASES, DESPITE QUARTERLY FALLS
PERTH leasing activity has increased by 6 per cent in the past 12 months, despite a decline in activity on a quarterly basis.
“The data for the June quarter clearly shows an uptick in activity on an annual basis across the board, which is pleasing,” REIWA president Hayden Groves said.
“We’re seeing noticeably more properties being leased now than we were this time last year.
“The standout performers were the southeast and central sub-regions, which improved by 10.5 per cent and 6.6 per cent respectively when comparing the June 2017 and June 2016 quarters.”
While all five metropolitan sub-regions saw increases in their annual activity levels, there was only a handful of suburbs where the volume of leased rentals increased over the quarter.
“Huntingdale, Booragoon, Bedford, Aubin Grove and Sorrento saw the biggest improvement in leasing activity in the three months to June 2017,” Mr Groves said.
Perth’s overall median rent price softened in the June quarter, dropping slightly to $350 per week from $360 in the March quarter.
Mr Groves said this was a trend felt across each of the subregions, but some suburbs had recorded increases in their overall median rent price.
“Karrinyup was the best-performing suburb for rent price, with its overall median lifting to $570 per week for the three months to June,” he said.
“Other suburbs to record a positive growth to their median prices were Booragoon, East Fremantle, Mt Pleasant and Mindarie.”
REIWA.com data also showed it took an average of 52 days for landlords to secure a tenant for their rental in the June quarter, an increase of one day from the March quarter.