With steady rents, declining listings, improved leasing figures and faster leasing times, data for the March 2018 quarter reveals Perth’s rental market is leading the charge in Perth’s property market recovery.
REIWA President Hayden Groves said the first quarter of 2018 showed Perth’s rental market had strengthened, with improvements recorded across all key indicators.
“Perth’s rental market appears to be building on the momentum of the latter half of 2017, which is very encouraging – not just for the rental market, but also for the overall property market. Historically, the sales market follows the rental market during a recovery,” Mr Groves said.andnbsp;
Median rent prices
Perth’s overall median rent price is $350 per week for the March 2018 quarter.
Mr Groves said this was the twelfth straight month of stable rent prices, with no changes recorded since April 2017.
“All sub-regions experienced stable median prices except for the South West sub-region, which saw its overall median rent price increase $10 to $330 per week during the quarter,” Mr Groves said.
reiwa.com data shows there was a $5 per week increase to both the median house and median unit rent during the March 2018 quarter.