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New research has identified the top suburbs set to see an increase in leasing activity growth in Perth’s rental market.
According to the Real Estate Institute of Western Australia (REIWA), leasing activity in the metropolitan area declined 9 per cent over the month, but lifted 13 per cent in the three months to July.
“Although leasing volumes were down last month compared with July, tenants remain very active right now, as listings for rent have decreased 7 per cent compared with June and 48 per cent compared with July 2019,” REIWA president Damian Collins said.
There are five suburbs set to see an increase in leasing activity growth, the REIWA data found.
4. St James
5. Halls Head
Mr Collins shared that Perth’s overall median rent price was stable in the three months to July, holding at $350 per week.
“In terms of houses and units, this broke down to $370 per week for houses and $340 per week for units – up $5 per week compared with June,” he said.
“According to reiwa.com data, Applecross saw an 8.2 per cent increase to $595 per week, which was followed by South Perth (up 4.2 per cent), Wellard (2.9 per cent), Cloverdale (up 2.9 per cent) and (up 2.9 per cent).
“With the WA property markets returning towards normality, now is the time to consider the current emergency period tenancy legislation for residential and commercial properties and allow it to end at the current proposed time of 29 September 2020.”