FALL IN VACANCY RATE
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.