Reiwa.com data has revealed Perth's rental stock has been quickly absorbed, with listings falling by 17 per cent in May to 4676, which is the lowest they have been since November 2013. Reiwa President Damian Collins said despite speculation about a potential challenging real estate market, overall, it is doing quite well which is evidence by the May reiwa.com data.
Leasing Activity - The strong demand we have seen for rental properties continues, with a 27 per cent increase in leasing activity compared with April, and the vacancy rate dropping significantly in the last two years, Mr Collins said. In May, Halls Head saw the biggest spike in leasing activity growth with 33 leases for the month and was closely followed by Nollamara (20 leases), Coolbelup (16 leases), Joondalup (18 leases) and Como (18 leases).
Median Weekly Rent - Reiwa.com data shows rent prices remain stable in Perth, with the overall median rent sitting at $350 per week during May. Looking ahead, the median rent per week should remain at least stable until the end of the year, with any increase in rent only allowed on new rental listings. Legislation implemented in the Residential Tenancies (Covid-19 Response) Act 2020, means occupied rentals cannot have a rent increase until October Mr Collins said.
Source - Reiwa - 02/06/2020
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