Perth’s rental market has improved, with reiwa.com data for the September 2018 quarter showing positive results across the board.
REIWA President Damian Collins said leasing activity was up, median rents remained stable, average leasing times were quicker and the vacancy rate had plummeted to 3.9% – the lowest level in more than four years.
Perth’s median rent price held at $350 per week for a sixth straight quarter, with 105 suburbs across the metro area’s median rent increase during the September 2018 quarter.
“The five best performing suburbs for overall rent price growth were Kallaroo (up 39.5% to $530 per week), City Beach (up 25.9% cent to $850 per week), Gwelup (up 24.5% to $623 per week), Cottesloe (up 23.5% to $605 per week) and Alexander Heights (up 21.9% to $390),” Mr Collins said.
There were 13,234 properties leased during the September 2018 quarter – a 5.2% increase compared to the June 2018 quarter and 7,286 properties for rent in Perth at the end of the September 2018 quarter.
It took landlords 46 days on average to find a tenant for their rental during the September 2018 quarter.