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Perth still a tenant’s market

Perth still a tenant’s market

Leasing activity across Perth’s rental market spiked 17 per cent in August, according to the latest data.

Real Estate Institute of Western Australia (REIWA) president Hayden Groves says the jump in activity was coupled with a 3 per cent drop in the number of properties available to rent over the month.

“Perth’s rental market has certainly presented challenges for investors over the last 18 months, so it’s a good sign that in August there was an improvement in listing levels and a notable increase in activity,” he says.

All five sub-regions experienced a surge in the number of leased properties in August, with the biggest spikes occurring in the central sub-region (up 19 per cent) and the northwest sub-region (up 17.4 per cent).

“We’ve seen a clear upward trend in leasing numbers across Perth. Although WA’s population growth has slowed in recent times, there has been a small lift in overseas migration into the state,” Groves says.

Perth’s overall median rent price dropped $5 to $375 in the three months to August. For units the median rent price was $350 per week.

“Despite the improvement in listing levels in August, the supply of rental stock in Perth remains above long-term averages, which has put some downward pressure on rent prices,” Groves adds.

“Perth tenants continue to have plenty of choice in the market and are in a good position to secure a rental lease at a more affordable price.”

Latest data from CoreLogic’s Property Market Indicator (week ending September 11, 2016) shows Perth’s median time on market for properties listed to sell sits at 87 days for houses and 95 days for units.

Sydney had the lowest median time on market for both houses (29 days) and units (30 days), while Darwin came in at bottom place on the list for both houses (94 days) and units (114 days).

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