The Real Estate Institute of Western Australia (REIWA) has released its rental data for the September quarter, which reveals that Perth’s rental market has tightened, with the vacancy rate falling to 2.5%:
This is yet to translate meaningfully into rents, however, which remained flat over the past three quarters; although they have risen $10 for both houses and apartments over the year, according to REIWA.
SQM’s rental vacancy data also recorded a big fall across Perth, with the vacancy rate falling from a peak of 5.2% in mid-2016 to 2.4% as at October:
The underlying cause of the tightening vacancies is the collapse in dwelling construction amid rising population growth:
Finally, CoreLogic’s rental growth data for November also revealed annual growth for Perth, breaking many years of falls:
Perth’s long awaited housing recovery is beginning (just in time for next year’s iron ore downdraft).
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