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Pockets of positivity in Perth’s rental market

Pockets of positivity in Perth’s rental market

The number of leased properties in Perth’s overall market for houses and units declined 5.2 per cent in the June 2016 quarter, according to recent figures.

However, Real Estate Institute of Western Australia president Hayden Groves comments that it was pleasing there were areas across the metro region that were bucking the trend and doing well in challenging conditions.

“There was a notable lift in activity in the northeast sub-region, and we also saw signs of strength in the southwest sub-region with activity lifting 0.2 per cent,” Groves says.

Perth’s northeast sub-region was the standout performer in the Perth rental market in the June quarter, recording a 4.7 per cent increase in leasing activity.

The central sub-region had the biggest decline in activity in the three months to June, dropping 8.5 per cent.

At a suburb level, the top performers for increase in leasing activity in each of the sub-regions were:

Sub-region Suburb Median rent per week Difference to March quarter
Central Burswood $510 UP $37
Northeast Forrestfield $400 Up $20
Northwest Padbury $415 Up $37
Southeast Harrisdale $420 Up $20
Southwest Shoalwater $350 Up $30

*For suburbs with more than 30 leased properties

Rent prices

Perth’s overall median rent (houses and units) dropped $15 to $380 per week.

“As with leasing activity, the northeast and southeast sub-region’s median rent price held steady over the quarter with no change,” Groves says.

Despite the rental market becoming more affordable overall for Perth tenants, there were still some suburbs throughout the metropolitan area that were benefiting investors.

“For example, 30 per cent of the 124 suburbs in the central sub-region experienced either an increase in their median rent prices or had stable rents,” Groves says.

Perth market snapshot

 

Reiwa data

Source: REIWA

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