LEASING DATA DEFIES TREND
RENTAL GOING against the general market trend, property leased locally by REIWA members was up 9 per cent over the past four weeks, while the overall market leasing fell 8 per cent.
An 11 per cent increase in leasing of the dominant multi-residential sector was the primary driver of the increase, with most of the top 5 suburbs reporting increased activity.
Despite the increase in leasing, the stock of property listed for lease has remained relatively stable while there has been some recent softening in overall market listings for Perth.
The latest asking rent data indicates the local overall median rent is down 4 per cent for the year, which is the same as the overall market.
But the local median asking rent for the large multi-residential sector is off 7 per cent compared with the overall market, where asking rents have fallen 6 per cent across the year.