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Real estate agents in Perth are facing a difficult climate, with both sale prices and rents falling.
New data from the REIWA shows Perth’s overall median rent eased by $5 in the three months to September to come in at $370 per week. The median house rent is $380 per week and the median unit rent is $350 per week.
The situation was similarly bleak for vendors, with the median house price softening to $525,000, 0.8 per cent lower than the three months to August figure.
Despite the decreases, the REIWA said it wasn’t all bad news for agents in the region.
The REIWA data revealed leasing activity for the three months to September continued to rise, with all sub-regions across the metropolitan area showing improved levels of activity.
The biggest increases in activity were felt in the north-west sub-region (up 15.3 per cent) and the south-west subregion (up 13.1 per cent), REIWA president Hayden Groves said, adding that it was a good time to enter the Perth market.
“Perth tenants are definitely taking advantage of market conditions. The improved levels of affordability are providing good opportunity for first-time renters to emerge and enter the market, while those in share houses are now finding they can afford to move out on their own,” Mr Groves said.
Listings for rent were down over the month, but the REIWA said it remained above long-term averages.
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