The Perth property market saw a surge in the number of leased properties in August, with a 17% spike recorded by the REIWA.
According to reiwa.com data, the jump in leasing activity for the month was coupled with a 3% drop in the number of properties available for rent.
REIWA President Hayden Groves says the rental market in Perth has presented challenges for investors over the last 18 months. “It’s a good sign that in August there was an improvement in listing levels and a notable increase in activity,” he says.
According to REIWA, all five sub regions of Perth experienced the surge, with the biggest spikes in the Central sub-region (up 19%) and the North West sub-region (up 17.4%).
Groves says that although WA’s population growth has slowed in recent times, there has been a small lift in overseas migration into the state.
“This, combined with improved affordability in the rental market assisting tenants who are house sharing to move out on their own, has contributed to an increase in leasing activity.”
The median rent in Perth also dropped by $5 to $375 in the 3 months to August.
“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,” Mr Groves says.