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Signs of Easing in Perth Rental Market

Perth’s rental market has shown signs of easing towards the end of 2012, according to data from the Real Estate Institute of Western Australia.

It had the December quarter vacancy rate edging marginally higher from 1.8% to 1.9%. REIWA president, David Airey suggested it was accompanied by an easing in the climb in rents over the previous year.

“While the median rent for a house lifted by $10 to $460 per week, the median rent for strata dwellings fell by $10 to $420.”

Mr Airey said the December quarter saw a decrease in demand for rentals and an increase in listings.

“Despite the modest drop in price for units and apartments in the last three months of 2012, we need to keep in mind that the March quarter is always the strongest period in the year for rental activity, so this drop may only be a temporary reprieve for tenants.”

Source:http://www.propertyobserver.com.au/western-australia/perth-rental-market-intensity-eases-slighly-reiwa/2013011658797?utm_source=po&utm_medium=aida&utm_campaign=news