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After a slow three years, the Western Australia rental market has started to pick up.
The Real Estate Institute of Western Australia (REIWA) has said it appears the Western Australian property market is reaching a turning point, indicating the “early stages of a recovery”.
REIWA has noted Perth’s vacancy rate is currently sitting at 2.2 per cent – the lowest it has been since March 2013.
Its own anecdotal evidence is that rental inspections are also gaining more popularity, with more than 50 people in attendance at a single property.
REIWA said a high demand of rental properties has led to the first increase in Perth’s median weekly rent in more than three years, with the state’s capital median weekly rent now sitting at $360 per week.
According to REIWA, the pick up can be attributed, in part, to the slowing construction of new homes since 2016.
This, combined with fewer active Perth investors, means there are less properties available for rent.
REIWA also noted that despite the recent rental stock reduction, the state has remained the most affordable state or territory Australia-wide to rent in.
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