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Leasing activity up 13 per cent in May: REIWA

New reiwa.com rental data has revealed Perth tenant activity increased 13 per cent in May, with 4,316 properties leased during the month.

REIWA Deputy President Lisa Joyce said activity in the Perth rental market had enjoyed a strong rebound this month, following a more subdued April.

“In May, the suburbs that saw the biggest spike in leasing activity were Warnbro, East Victoria Park, Balga, Quinns Rock and Cloverdale.

“Other suburbs to perform well were Yokine, Bertram, Halls Head, Hillarys and Golden Bay,” Ms Joyce said.

reiwa.com data shows rent prices remain stable in Perth, with the overall median rent sitting at $350 per week during May.

“House and unit rents also recorded no change, holding at $360 and $330 per week respectively throughout the month,” Ms Joyce said.

“While overall rent prices were unchanged, 26 per cent of suburbs in the Perth region saw their median rent price increase, with the biggest improvements occurring in Subiaco, Mosman Park, Warnbro, Dudley Park and Cloverdale.”

reiwa.com data shows listings for rent increased one per cent to 7,252 properties by the end of May.

“While rental listings remain significantly lower than what they were a year ago, we have observed a gradual increase in stock levels during the last few months. It’s likely the rental market is starting to absorb some of the sales listing stock, with sellers choosing to try their hand at renting out their property instead of listing for sale,” Ms Joyce said.

Perth residential sales market

CoreLogic’s latest home value index shows dwelling values in Perth declined one per cent in May.

Ms Joyce said although overall prices had declined in the Perth region, reiwa.com data shows 28 per cent of suburbs saw improvements in median house price.

“The top performers in May were Erskine, Cottesloe, Hillarys, Kingsley, Wanneroo and Ballajura, with all suburbs recording notable growth,” Ms Joyce said.

While prices were down in Perth, reiwa.com data shows sales volumes improved during May following a particularly weak April, with 43 per cent of suburbs recording an increase in activity.

“The suburbs that saw the biggest improvement in sales were Currambine, High Wycombe, Gosnells, East Victoria Park and Baldivis,” Ms Joyce said.

“There has been a lot of uncertainty surrounding the property market this year, with the federal election causing many buyers and investors to hold off taking any action until the results were announced.

“With the Morrison Government being returned to power and changes to national housing taxes officially off the table, this should hopefully bring much needed confidence to the market and help aid recovery,” Ms Joyce said.

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