RENTAL MARKET COOLS DOWN
RENTAL LOCAL rental demand has softened with an 8% fall in reported leased property by REIWA members over the past four weeks, with latest figures down 10% on the same time last year. What is evident is the dominance of units in both rental leases and listings with overall listings stable after a 43% increase over the past 12 months.
It is a similar story for the overall Perth market with a 10% fall in leases for the four week period and 6% down on the same period last year. The rapid growth in rental listings across Perth over the past 2 years has stabilised, resulting in a 3% fall over the four weeks but still up 51% on September 2013.
The increase in rental stock over the past 12 months has seen asking rents fall both locally and across the overall Perth market.