The Perth market vacancy rate has fallen to 4.5% - the lowest recorded since April 2015.
Realmark Group Managing Director, John Percudani said, “We are seeing strong signs in the rental market and these are encouraging indicators for the wider Perth market. Improvement has been slow and steady but moving in the right direction.”
“Whilst the market average sits at a vacancy rate of 4.5%, Realmark’s vacancy rate is sitting at a low 1.85%, showcasing the dedication of our property management team to deliver to our owners and tenants alike.” Said Mr Percudani.
Perth’s median rent continues to hold for the 17th month straight at $350 per week, with no changes recorded since April 2017.
There was also an increase in leasing activity in August, up 17%, with 4,805 dwellings leased across the Perth area.
Suburbs such as Leederville, Glendalough and Secret Habour experienced the highest rate of growth during the month, with Leederville having more than double the leasing activity during August.
“Market trends typically show as we move into the ‘Spring Selling Season’ there is generally an overall uplift in activity with the sales market following on from the rental market during the recovery phase.” Said Mr Percudani.
Source: REIWA data 2018, Realmark average vacancy rate for Leederville, South and Urban combined.