FALL IN VA­CANCY RATE

Stirling Times - - Residential -

PERTH’S rental mar­ket con­tin­ues to show signs of im­prove­ment, with the va­cancy rate drop­ping to its low­est in more than two years.

Ac­cord­ing to reiwa.com data, it has dipped to 5.3 per cent, the low­est since July 2015.

REIWA pres­i­dent Hay­den Groves said Perth’s lat­est va­cancy rate for Jan­uary 2018 was also a sig­nif­i­cant im­prove­ment from June 2017.

“It’s quite re­mark­able to see it this low, con­sid­er­ing seven months ear­lier Perth’s va­cancy rate soared to 7.3 per cent – the high­est we have ever ex­pe­ri­enced – and now it’s back at lev­els last seen in 2015,” he said.

“The va­cancy rate is a good in­di­ca­tor for how the en­tire rental mar­ket is track­ing, with reiwa.com data for Fe­bru­ary show­ing sta­ble rent prices and de­clin­ing list­ing lev­els.

“Leas­ing ac­tiv­ity did drop off in Fe­bru­ary, how­ever lev­els are still healthy and trend­ing above long-term av­er­ages.”

Perth’s me­dian house rent was $350 per week for the De­cem­ber quar­ter 2017 and has been sta­ble for three con­sec­u­tive quar­ters.

“Where rents were once de­clin­ing ev­ery quar­ter, we’ve now ob­served nine months of steady prices,” Mr Groves said.

On an an­nual ba­sis, the data showed the me­dian rent de­clined $10 per week.

“Al­though there was a small de­cline be­tween the De­cem­ber 2017 and De­cem­ber 2016 quar­ters, this is still a sig­nif­i­cant im­prove­ment on the year prior, when Perth’s over­all me­dian rent de­clined $40 per week be­tween the De­cem­ber 2016 quar­ter and the De­cem­ber 2015 quar­ter,” he said.

Within the Stir­ling Times area, the me­dian house rent was $440 per week in the year to March 2018, a de­cline of 2.2 per cent over the 12 months.

Units achieved a me­dian rent of $350 weekly, down 2.8 per cent over the year.

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