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reiwa.com data has
revealed Perth’s rental stock has been quickly absorbed, with listings falling by
17 per cent in May to 4,676, which is the lowest they have been since November
REIWA President Damian
Collins said despite speculation about a potential challenging real estate
market, overall, it is doing quite well which is evidenced by the May reiwa.com
“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).
reiwa.com data shows rent prices
remain stable in Perth, with the overall median rent sitting at $350 per week
“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.
latest home value index shows dwelling values in Perth declined 0.6 per cent in
Mr Collins said
although overall prices had only slightly declined in the Perth region,
reiwa.com data shows 64 per cent of suburbs saw either an improved or
stabilised median house price.
“The top 10 suburbs that saw the
biggest increase to median sale price include Ellenbrook, Claremont, Butler,
Yokine, Yanchep, Gosnells, Kelmscott, Halls Head, Waikiki and Willetton,” Mr
“Interestingly, seven of the 10
suburbs had a median sale price under Perth’s median of $475,000 and suggests
people are taking advantage of properties in Perth that are priced at the lower
“Listings for sale
were also down in May with only 11,299 properties for sale on reiwa.com, which
is 3.3 per cent lower than April and 30 per cent lower than this time last
data showing sales activity improved by 43 per cent in May following a particularly weak April,
it is clear that sales stock is also being rapidly absorbed.”
The suburbs that
saw the biggest improvement in sales were Halls Head, Ellenbrook, Rockingham,
Byford, Yanchep, Wanneroo, Dianella, Waikiki, Balga and Armadale.
“To ensure a vibrant property market, the WA Government may need to cut stamp duty and we ask them to consider short term changes to help incentivise buyers, as well as long-term tax reform removing stamp duty and replacing it with a broader based land tax system.” Mr Collins said.
For a details breakdown of how the property market performed over the past week, view our Perth Market Snapshot graph.
Want to see how the Perth market performed in April? View Perth property prices stabilise despite lower sales volume.
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