Elite AgentINDUSTRY NEWSNEWSWAWestern Australia

Perth rentals moving the fastest since 2015 mining boom

In August 2019, it took a median of 34 days to lease a property in the Greater Perth region.

This August, it only took 21 days, meaning that properties are turning around two weeks’ less than this time last year.

Reiwa.com data shows this is the quickest uptake rate since the last mining boom in February, 2015.

The median rent has remained at $360 (with houses increasing $10 to $380) while the vacancy rate of 1.6 per cent indicates the Perth rental market’s high demand and limited supply, meaning houses are snapped up much sooner.

“The high demand for rentals has seen rental stock on reiwa.com fall 10 per cent on July, with 3,205 properties for rent on reiwa.com at the end of August and based on present levels of enquiry we expect stock levels to decline further in September”, said REIWA President Damian Collins.

“Feedback from our members on the ground is that there is still only a limited number of investors in the market looking to buy investment property.

“It’s important that we return confidence to investors and one way the State Government can lead is to significantly reduce the number of properties subject to the residential tenancies COVID-19 legislation. Unless we get investors confident enough to get into the market, the rental shortage will only get worse.”

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Nathan Jolly

Nathan Jolly was an in-house journalist with Elite Agent. He worked with the company from July 2020 to December 2020.