LEASING IS PAST ITS PEAK
RENTAL THE peak of leasing activity both locally and across Perth appears to have passed with reported leases falling a significant 18 per cent locally and 8 per cent across Perth.
A gradual decline is to be expected as January-February is usually the peak leasing period.
While local rental leasing softened, there has also been a 3 per cent fall in property available for lease, which is reflected in the fall in the volumes of the top listing suburbs.
The time to lease a property in the area has moved up by just one day to 36 for the three months to February, the same as the overall Perth market.
Going against the general market trend, there was a $10 increase in the local median house rent which has contributed a 2 per cent lift in the local overall median rent to $450 per week.