MORE STOCK TO LEASE
THERE was an 11 per cent increase in local leasing activity over the past four weeks after the April hiatus but rental leasing has slowed, with the figure down 12 per cent on the same time last year. It was a different story for the overall market where leasing increased 19 per cent over the period and was up 7 per cent on last year. Looking at the stock of property for lease, this had been climbing steadily for over two years, with both the
area and overall market seeing a 5-6 per cent increase in recent weeks and 31 per cent and 40 per cent respectively over the year. Recent declines in local rents have been arrested with the latest figures for overall median rent increasing marginally to $450 per week for the three months to April. The average time to lease a property locally has fallen marginally to 35 days in the three months to April.