REN­TALS SOAKED UP

Southern Gazette (South Perth) - - RESIDENTIAL -

PERTH ten­ants in shared hous­ing are tak­ing ad­van­tage of im­proved rental rates in the mar­ket by go­ing out on their own, ac­cord­ing to reiwa.com anal­y­sis.

“There was a sig­nif­i­cant amount of leas­ing ac­tiv­ity in the one to three­bed­room mar­ket over the March quar­ter, while four and five-bed­room prop­er­ties ex­pe­ri­enced a small de­cline,” Real Es­tate In­sti­tute of WA pres­i­dent Hayden Groves said.

“Af­ford­abil­ity in Perth’s rental mar­ket has im­proved over the past 18 months; ten­ants who may have been liv­ing in shared ac­com­mo­da­tion are now finding that they can af­ford to move out on their own, which is why we’re see­ing this shift to smaller house­holds.”

The data showed the leas­ing of one to three-bed­room prop­er­ties surged 50 per cent in the March quar­ter, while the num­ber of two and three-bed­room prop­er­ties in­creased 18 per cent.

In the three months to March 31, the to­tal vol­ume of leased prop­er­ties in the metro area in­creased 17 per cent on the De­cem­ber 2015 quar­ter.

“While rental listings in Perth re­main above the long-term av­er­age, the num­ber of prop­er­ties leased in the March quar­ter has soared well above the growth of listings,” Mr Groves said.

“This has caused the va­cancy rate to come down to 5.6 per cent in the March quar­ter from 6 per cent in the De­cem­ber quar­ter as ten­ants have soaked up stock.”

The sub-re­gions, Perth city, Fre­man­tle and the western sub­urbs saw the big­gest im­prove­ments in av­er­age leas­ing days, while it took longer on av­er­age to rent out a prop­erty in Joon­dalup south, Wan­neroo north­west and Wan­neroo south in the March quar­ter.

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