In a media release in early May, REIWA confirmed its view that Perth’s rental market is leading the charge in Perth’s property market recovery.
REIWA President Hayden Groves said the first quarter of 2018 showed Perth’s rental market had strengthened, with improvements recorded across all key indicators.
“Perth’s rental market appears to be building on the momentum of the latter half of 2017, which is very encouraging – not just for the rental market, but also for the overall property market,” Mr Groves said.
As at 31 March, Perth’s median rent was $350 per week, with no changes recorded in the previous year, signifying solid market stability and a platform for growth. There were 14,112 rental properties leased in Perth during the March 2018 quarter, up 4.2 per cent compared to the December 2017 quarter.
Rental listings declined 4.5 per cent during the quarter, with 8,508 listings recorded at the end of March 2018. Mr Groves said there had been a substantial reduction in the number of rental properties available in Perth over the last 12 months.
“Compared to the March 2017 quarter, listings for rent are now 18.6 per cent lower than they were at the same time last year. This can be attributed to an increase in population growth to the state and fewer new dwelling commencements occurring in the metro area,” Mr Groves said. It was two days faster to lease a property during the March 2018 quarter than it was during the December 2017 quarter.
“It took 47 days on average for landlords to find a tenant during the March quarter, which is two days faster than the December quarter and three days faster than the March 2017 quarter,” Mr Groves said. “With stock levels declining and leasing activity increasing, the Perth rental market is finally starting to re-balance. For tenants, now is a good time to secure a longer-term lease before rents rise,” he said.