Rental mar­ket a tale of two cities

Cockburn Gazette - - RESIDENTIA­L -

IT con­tin­ues to be a tale of two cities in Perth, with the rental mar­ket show­ing im­prove­ment and sales lan­guish­ing.

The rental mar­ket has been gain­ing mo­men­tum since Jan­uary and 54 per cent of sub­urbs recorded an in­crease in leas­ing ac­tiv­ity in July, ac­cord­ing to Reiwa.

The top five sub­urbs each in­creased more than 114 per cent.

“Dur­ing the month, the sub­urbs that saw the big­gest spike in leas­ing ac­tiv­ity were Bal­la­jura, Har­ris­dale, Bal­catta, Mos­man Park and Dawesville, which more than dou­bled their leas­ing ac­tiv­ity com­pared to June,” Reiwa pres­i­dent Damian Collins said. data showed rent prices re­mained sta­ble in Perth, with the over­all me­dian rent sit­ting at $350 per week dur­ing July.

House and unit rents also recorded no change, hold­ing at $360 and $330 per week re­spec­tively.

“There were 23 per cent of sub­urbs in the Perth re­gion Prices of homes fall again but strong signs emerge among Perth rentals, with leas­ing ac­tiv­ity spik­ing

that saw their me­dian rent price in­crease,” Mr Collins said.

“Three of the top 10 sub­urbs which saw the high­est in­crease were from the lux­ury mar­ket, in­clud­ing Su­bi­aco, Ned­lands and Mos­man Park, with rents ris­ing over $650 per week.”

At the end of July, data showed list­ings for rent de­creased 5 per cent to 7074 prop­er­ties. In the sale mar­ket, prices de­clined again, down 0.5 per cent, ac­cord­ing to Core­L­ogic’s lat­est home value in­dex.

The me­dian house price set­tled at $490,000, ac­cord­ing to Reiwa.

The top end of the mar­ket recorded a more pos­i­tive re­sult.

“Core­L­ogic data shows that Perth is the only city other than Syd­ney that has seen the top end of the mar­ket do­ing bet­ter than the lower end, which we have seen this month with the de­mand for the lux­ury mar­ket in­creas­ing across leas­ing and sales ac­tiv­ity,” Mr Collins said.

“Top per­form­ers which saw an in­crease to their me­dian price in July were Ap­ple­cross with 7.8 per cent growth to $1.52 mil­lion, Cur­ram­bine with 3.1 per cent, Mos­man Park with 2.5 per cent, Bassendean with 2.1 per cent and Kings­ley with 1.4 per cent.”

July sales ac­tiv­ity fell 5 per cent with 2318 prop­er­ties sold.

“We saw a fall of 10 per cent in the num­ber of units sold over the month but there was also a 10 per cent in­crease in land sales,” Mr Collins said.

“Sub­urbs with the largest growth in sales ac­tiv­ity in­clude Leem­ing, Kelm­scott and Yokine.”

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