Perth Property Market’s Rental Revival
It’s fair to say Perth’s property market has experienced difficult conditions over the last three years, however there are clear signs of improvement for Perth’s rental market.
It’s fair to say Perth’s property market has experienced difficult conditions over the last three years, however there are clear signs of improvement for Perth’s rental market. The market is looking particularly bright at Blackburne, with our leasing team having one of the most successful months ever, leasing 47 properties in April alone! These incredible results are a testament to our pro-active, skilled leasing team, who show properties 7 days a week.
According to figures from the Real Estate Institute of Western Australia (REIWA), for the fourth consecutive quarter, the median rent in Perth remained at $350 per week. This is a welcomed change in comparison to the previous two years, where rental prices had been continuously declining. This market stability was evident at Blackburne, as in April we saw many applicants offering more than the asking price across an array of rental properties.
The positive statistics continued with REIWA data showing the Perth Metro vacancy rate dropping again to 5.1%. However, Blackburne continued to sit at 50% of the REIWA rate, proving that we are the Perth Metro Property Management Specialists.
Blackburne’s leasing success looks set to continue in May, with properties continuing to rent rapidly and market conditions strengthening.