Home News Perth market sees robust results in September

Perth market sees robust results in September

Font size :

The rental sector is driving Perth property market’s recovery, says industry professional

The Real Estate Institute of Western Australia (REIWA) recently reported that the Perth rental market has improved, with all key market indicators positively performing during the September 2018 quarter.

REIWA President Damian Collins said that the leasing activity was higher, median rents remained steady, stock levels had slid, average leasing times were quicker and the vacancy rate had sank to its lowest level in more than four years. 

“The rental sector is really leading the charge in the Perth property market recovery. The September 2018 quarter results are very encouraging and should provide landlords and investors with a lot of confidence,” he added.

It was noted that the overall median rent price sat at $350 per week for a sixth straight quarter, the longest period of stable rents available in the market. In addition, prices remained affordable for tenants, and landlords were pacified with much needed consistency for the past 18 months.

Units aside, the median house rent hiked by $10 this quarter to $360 per week, a good sign for the overall market.

Median rents in 105 suburbs across the metro area also increased 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% 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),” Collins shared.

Connolly, Inglewood, Ashby, Beaconsfield and Wembley were also among the ones with outstanding figures.

Overall, the number of leased properties totalled to 13,234 – a 5.2% increase in leasing activity compared to the June 2018 quarter. 

REIWA showed that 132 suburbs across the metro registered gains in terms of the number of property being leased.  Among them, the five suburbs that generated the highest volumes were Perth (346), East Perth (343), Scarborough (319), Baldivis (243) and Maylands (235).

South Perth, Rockingham, West Perth, Rivervale and Midland were also among the top performers.

Lower listings for rent

The number of listings for rent improved to 7,286 properties in Perth at the end of the quarter. This is lower by 11.9% compared to the June 2018 quarter and 25.1% compared to last year’s September quarter.

The shift was driven by positive leasing activity and slowdown in new dwelling commencements.

 “With less new properties coming onto the market, rental stock is being absorbed at a quicker pace, which has put downward pressure on listing volumes,” said Collins.

Finally, the average leasing time recorded was 46 days, one day faster than the June 2018 quarter and eight days faster than the September 2017 quarter. 

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan

Mortgage News and Articles

5 tips to help you buy in a slow housing market 5 tips to help you buy in a slow housing market

A buyer's market is not as easy to navigate to as it seems Read more

Australia to remain world's worst-performing housing market this year – report Australia to remain world's worst-performing housing market this year – report Don't expect a rebound in prices anytime soon ... Read more

This historic Italian town sells homes for a little over $1 This historic Italian town sells homes for a little over $1 The catch? You have to promise to renovate the home within the next three years ... Read more

How bad will the housing downturn turn out this year? How bad will the housing downturn turn out this year? While the worst is yet to come, a crash is still unlikely ... Read more

More mortgage news and articles

Sponsored Links

Saturday, Jan 19, 2019
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords