This article is from the Australian Property Journal archive
PERTH’S vacancy rate has surpassed the 1% mark for the first time since June 2022, though still remains well below what would be considered a balanced or healthy rental market.
According to the latest figures from REIWA, Perth’s vacancy rate hit 1.4% in August, after climbing a relatively impressive 0.7% from July’s updated 0.7%.
“The rental market has been challenging for several years, with strong demand and declining supply leading to record-low vacancy rates and rising rent prices,” said Cath Hart, CEO at REIWA.
The last time the Western Australian capital’s rental vacancy rate sat above 1% was more than two years ago in June 2022, when it was at 1.1%.
“The market has been moderating over the past few months, with median rent prices stable, supply slowly increasing and properties taking longer to lease. These changes have now shown up in the vacancy rate and we expect further easing of the vacancy rate over the remainder of the year,” added Hart.
“However, 1.4 per cent still represents a tight rental market and remains well below the 2.5 – 3.5% REIWA considers to be a balanced market so there will be a period of sustained improvement before we begin to see more equilibrium.”
Earlier in the month, REIWA reported Perth’s median house sale price was up 1.9% over August for 20.7% over the last year, hitting $688,000. While he median unit sale price reached a new record at $455,000 after climbing by 1.1% over the month and 13.8% over the year.
