Page 34 - REIWA.com Market Update / June Quarter 2017

PERTH RENTAL REPORTUpper QuartileMedian RentLower QuartileUpper QuartileMedian RentLower QuartileMEDIAN HOUSE RENTHOUSE RENTSThe so conditions in the rental market has been largely impacted in the housing sector. Overall median house rents are down by $10 to record $360 for the latest June quarter. In comparison to a year ago, house rents are down by $30.Leasing activity for houses declined with activity down 13.9 per cent over the quarter althoughit is up by 5.1 per cent in comparison to the June 2016 quarter. REIWA members have continued to inform that landlords are discounting properties in order to lease and o ering other incentives such as two weeks free rent and whitegoods to tenants.On average, it takes 50 days to lease a property in the Perth Metro region and approximately 61 per cent of all listings are attributed to houses.$360TOTAL LISTINGS FOR RENT *6,547QRTLY LEASING ACTIVITY DOWNHOUSE RENTS - JUNE QUARTER 20171-2 Beds350290250MULTI-RESIDENTIAL RENTSSource: reiwa.comTotal430360300-13.9%3 Beds4 Beds5+ BedsAVE DAYS TO LEASE *390 470 750335 400 550297 350 45051 daysMEDIAN UNIT RENTRents in the unit market have declined during the latest June quarter by $10 to $330. However, in comparison to the same time last year, rents are down $30.Leasing activity for units also so ened, with activity down 18.2 per cent on the March quarter although is higher by 8.4 per cent in comparison to the same time last year. 82 per cent of units leased during the most recent June quarter were within the Central sub-region. All sub-regions saw leasing activity contract during the latest quarter.$330The downtrend in leasing activity has meant units are leasing slower during the June quarter. On average, it takes 54 days to rent a unit in the Perth Metro region, up by three days from the March quarter.TOTAL LISTINGS FOR RENT+4,132Unit listings have seen a steady increase during the June quarter, up by a marginal one per cent to 4,132. In comparison to the same time last year, listings are down 3.6 per cent.QRTLY LEASING ACTIVITY DOWN-18.2%As mentioned in the economic overview, new dwelling commencements are set to continue to slow going forward. This should ensure the existing stock levels in the market remain at current levels, if not even reduce as current stock levels begin to lease in the near future. As stock levels remain stable or subside, this should present opportunities for landlords to be able to lease properties with more ease going forward.AVE DAYS TO LEASE+54 daysMULTI-RESIDENTIAL RENTS - JUNE QUARTER 2017Source: reiwa.comTotal4303603001 Beds2802301902 Beds3603002603 Beds3903352974 Beds4704003505+ Beds750550450* Housesonly. + Units only.34 | REIWA.COMMARKETUPDATE | JuneQuarter2017