Perth tenants were active during the March 2019 quarter, with reiwa.com data showing leasing volumes surged nine per cent in the first three months of the year. We, at Smart Realty, have been busying with our Property Management division.
Median rent
Perth’s overall median rent price held at $350 per week for a ninth consecutive quarter.
Although overall rents are stable on both a quarterly and annual basis, the median house ($360 per week) and unit ($330 per week) rents are both up $10 per week compared to the March 2018 quarter.
Despite the overall median rent being stable, 29 per cent of suburbs in the Perth region saw an increase in rents during the quarter, while 36 per cent of suburbs recorded increases over the last year. The suburbs to record the biggest growth in median rent price during the quarter were Subiaco, Inglewood, Safety Bay, Wannanup and Embleton, while annually the suburbs to record the biggest increase in rent (percentage wise) were Shenton Park, Attadale, Wembley Downs, Embleton and Dudley Park.
Leasing activity
reiwa.com analysis shows 42 per cent of suburbs in the Perth region saw a spike in leasing volumes during the quarter, with Kingsley, Swanbourne, Pearsall, Queens Park and Dalkeith recording the most significant growth in activity levels.
Other suburbs to perform well during the quarter were Mosman Park, Falcon, Floreat, Carramar and Stirling.
Seven of the 10 suburbs that saw the biggest increase in leasing activity had a median rent price above the overall Perth rent of $350, with four of those 10 located in the Western Suburbs, suggesting there is particularly strong demand for rentals in Perth’s more affluent suburbs.
Average leasing days
It took Perth landlords an average of 42 days to find a tenant for their rental property during the March quarter.
We’ve seen a significant improvement in average leasing times over the last couple of years, since peaking in June 2017 at 57 days. Average leasing times are now the lowest they’ve been since March 2015, which is great news for landlords and illustrates that tenants need to act faster to ensure they don’t miss out.